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Date: Thursday 04 Sep 2008

LONDON (ShareCast) - First Property has continued to make “good progress” during the first half, but the property services firm remains cautious and has not bought any new properties.

"In view of the current global economic uncertainty, the company has exercised a high degree of caution during the first five months of the current financial year," boss Ben Habib said in his AGM statement.

As a result, assets under management remain at around £290m, but these assets are performing well, said the group. Its funds achieved a rate of return on equity of over 14% on an annualised basis in the three months to 30 June.

"We are continuing to work on the acquisition of some €60m of property which we hope to report on in the near future," added Habib.

Results for the six months to 30 September 2008 are due in November.

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