First Property Group PLC Leasing update on Group property in Poland (3513L)
13 May 2022 - 4:00PM
UK Regulatory
TIDMFPO
RNS Number : 3513L
First Property Group PLC
13 May 2022
Date: 13 May 2022
On behalf of: First Property Group plc ("First Property",
the "Company" or the "Group")
Embargoed: 07:00
First Property Group plc
Leasing update on Group property in Poland
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to report that it has signed leases
covering some 2,691 m(2) , or 20% of the net internal area ("NIA"),
of its office building located in Gdynia, Poland. The carried value
of this building is EUR16 million following its write down in March
2021, as a result of it becoming 98% vacant, significantly due to
covid related lockdowns.
The rent and service charge payable by tenants now totals
approximately EUR500,000 per annum. This equates to about half the
cost of operating the building. When fully let it is anticipated
that the building should yield some EUR2.5 million per annum in
rent and service charge.
The principal tenant, accounting for 15% of NIA and occupying
the entire first floor, is the District Court in Gdynia. The Group
expects the presence of the court to attract other legal advisers
and practitioners to take space in the building.
The building, which spans some 13,400 m(2) of NIA, is located at
21 ul. Podolska in prime central Gdynia, Poland's second largest
seaport after Gdansk. The Port of Gdynia has benefitted from
considerable investment in recent years and is currently being
enlarged further to enable it to handle Baltimax vessels, with
corresponding investment in its road and rail infrastructure.
-Ends-
For further information please contact:
First Property Group plc Tel: +44 (0) 20 7340
0270
Ben Habib (Chief Executive Officer) www.fprop.com
Laura James (Group Finance Director) investor.relations@fprop.com
Jeremy Barkes (Director, Business
Development)
Allenby Capital (NOMAD & Broker) Tel: + 44 (0) 20 3328
5656
Nick Naylor / Freddie Wooding (Corporate
Finance)
Amrit Nahal (Equity Sales)
Newgate Communications (PR) Tel: + 44 (0) 20 3757
6880
Robin Tozer / Richard Bicknell / Isabelle firstproperty@newgatecomms.com
Smurfit
Notes to Investors and Editors :
First Property Group plc is an award-winning property fund
manager and investor with operations in the United Kingdom and
Central Europe. Its focus is on higher yielding commercial property
with sustainable cash flows. The Company is flexible and takes an
active approach to asset management. Its earnings are derived
from:
-- Fund management - via its FCA regulated and AIFMD approved
subsidiary, First Property Asset Management Ltd ("FPAM"), which
earns fees from investing for third parties in property. FPAM
currently manages thirteen funds which are invested across the
United Kingdom, Poland and Romania.
-- Group properties - principal investments by the Group to earn
a return on its own capital, usually in partnership with third
parties. Investments comprise seven directly held properties in
Poland and Romania, and non-controlling interests in ten of the
thirteen funds managed by FPAM.
Quoted on AIM, the Company has offices in London, Warsaw and
Bucharest. Around one third of the Company's shares are owned by
management and their families. Further information about the
Company and its properties can be found at: www.fprop.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBKBBDABKDAPD
(END) Dow Jones Newswires
May 13, 2022 02:00 ET (06:00 GMT)
First Property (LSE:FPO)
Historical Stock Chart
From Apr 2024 to May 2024
First Property (LSE:FPO)
Historical Stock Chart
From May 2023 to May 2024