- Property fund manager and investor group First Property scrapped its final dividend after swinging to an annual loss driven by the writedown of its the office building in Gdynia, Poland.

For the 12 months ended 31 March 2021, pre-tax losses narrowed to £5.09 million from £5.52 million last year.

The loss is mainly due to an impairment in value of a Group Property, the office building in Gdynia, Poland, by £7.02 million to £13.63 million.

Assets under management fell to £569 million from £623 million last year as the value of directly owned property at market value fell to £41.57 million from £56.30 million.

'Rents have fallen across virtually all office and retail sub-sectors,' the company said. 'Replacing tenants has been extremely demanding in all cases and impossible in some. As a consequence asset values have dropped.'

'The outlook is improving but is far from certain. Quantitative Easing will no doubt begin to buoy asset values soon; there are signs of it now, even with income under pressure,' the company said.

'Consequently the directors have decided not to pay a final dividend. It would be imprudent to do so with the outlook so unclear,' it added.

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