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RNS Number : 2719X

First Property Group PLC

25 April 2023

 
  Date:            25 April 2023 
  On behalf of:    First Property Group plc ("First Property", 
                    the "Company" or the "Group") 
  Embargoed:       0700 hrs

First Property Group plc

Leasing progress at Group Property in Gdynia, Poland

First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has leased a further 241 m(2) or 2% of its office building in Gdynia, Poland to Sonniger Polska SA, a heating devices manufacturer. Following the new tenant taking occupation of this space, and following completion of the fit-out of space leased by another tenant, the building should be around 28% leased. As a result, the net operating loss from the building should narrow to around EUR70,000 on an annualised basis. The net operating loss prior to the start of these two leases is around EUR275,000 on an annualised basis.

A further 10,388 m(2) of office space in the building remains to be leased. The service charge attributable to the currently vacant space amounts to some EUR670,000 per annum and should reduce to EUR630,000 per annum after the start of the two new leases referenced above. This cost is borne by the Group.

When fully let it is anticipated that the building should generate net operating income of some EUR2.1 million per annum.

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 (Director, Compliance 
   & Company Secretary) 
 
  Allenby Capital (NOMAD & Broker)              Tel: + 44 (20) 3328 
                                                 5656 
  Nick Naylor (Corporate Finance) 
   Daniel Dearden-Williams (Corporate 
   Finance) 
   Amrit Nahal (Sales and Corporate Broking)

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 three directly held properties in Poland, one in 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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April 25, 2023 02:00 ET (06:00 GMT)

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