First Property Group PLC Sale of two supermarkets in Poland (8084I)
December 07 2022 - 1:00AM
UK Regulatory
TIDMFPO
RNS Number : 8084I
First Property Group PLC
07 December 2022
Date: 7 December 2022
On behalf of: First Property Group plc ("First Property",
the "Company" or the "Group")
Embargoed: 0700hrs
First Property Group plc
Sale of two supermarkets in Poland by consolidated
undertaking
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to report it has sold two supermarkets in
Poland for EUR6.20 million on behalf of funds managed by the Group
and in which the Group has an 88.5% interest.
The sales price represents a gain of some EUR850,000 or 16%
against their aggregate book value of EUR5.35 million, and a gain
of some EUR130,000 against their aggregate market valuation of
EUR6.07 million as at 31 March 2022.
The pre-tax profit earned on these disposals, after deducting
sales costs, amounts to some EUR780,000 (GBP670,000). The cash
released following the repayment of the bank loan secured against
them amounts to some EUR2.59 million (GBP2.24 million) and will be
held for reinvestment.
Commenting on the sale, Ben Habib, Chief Executive, said:
"I am pleased by the disposal of these supermarket assets in a
difficult market environment. The cash released further strengthens
the Group's finances. It is intended that this cash will be
reinvested in due course."
ENDS
For further information please contact:
First Property Group plc Tel: +44 (20) 7340
0270
Ben Habib (Chief Executive Officer) investor.relations@fprop.com
Laura James (Group Finance Director)
Jeremy Barkes (Director, Business
Development)
Jill Aubrey (Company Secretary)
Allenby Capital (NOMAD & Broker) Tel: + 44 (20) 3328
5656
Nick Naylor (Corporate Finance)
Freddie Wooding (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
SEC Newgate (PR) Tel: + 44 (20) 3757
6880;
Robin Tozer firstproperty@secnewgate.co.uk
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 twelve 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 four directly held properties in
Poland and Romania, and non-controlling interests in ten of the
twelve funds managed by FPAM.
Quoted on AIM, the Company has offices in London and Warsaw.
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 . To receive RNS alerts
by email please subscribe here .
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END
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