Closing of fund

First Property Group PLC
15 December 2004


15 December 2004


                  FIRST PROPERTY DOUBLES FUNDS UNDER MANAGEMENT

First Property Group plc ('First Property'), the integrated, Internet based
property services and asset manager, announces that it has successfully closed
its fifth property fund, named 5PT. This fund will double First Property's total
assets under management to over £30 million.

5PT will invest in regional commercial property. It will target relatively high
yielding properties, which also have potential for capital gain. The aim of 5PT
is to combine these high yields with capital gains to deliver superior rates of
return to its shareholders.

First Property's assets under management are currently earning an ROE (return on
equity) of over 10% per annum from rent alone. This ROE, coupled with capital
gains, would yield an annual IRR (internal rate of return) of over 50% if the
properties under management were sold.

Ben Habib, Chief Executive of First Property, commented: 'We entered the field
of property asset management in October 2002 and have, in a relatively short
period of time, proven our capabilities. 5PT is an extension of what we have
been doing thus far and a big step forward for First Property.'



For further information:
Ben Habib                          Jeremy Carey/Richard Sunderland
First Property Group plc           Tavistock Communications Limited
Tel: [phone]                 Tel: [phone]
www.fprop.com                      [e-mail]





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