First Property Group PLC Loan restructuring by Polish Associate (2637A)
May 23 2023 - 1:00AM
UK Regulatory
TIDMFPO
RNS Number : 2637A
First Property Group PLC
23 May 2023
Date: 23 May 2023
On behalf of: First Property Group plc ("First Property",
the "Company" or the "Group")
Embargoed: 7am
First Property Group plc
Loan restructuring by Polish Associate
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to report that it has restructured the
loan secured against Galeria Corso, a shopping centre in
winoujście, Poland, in which the Group is a 29.09% shareholder.
winoujście is a popular holiday destination on Poland's Baltic
coastline, close to its border with Germany. Galeria Corso is
centrally located within the town. It comprises some 10,000 m(2) ,
is fully let and trades well.
The property was valued at EUR25 million as at 31 March 2023
(versus a purchase price of EUR23.9 million in 2016). As part of
the terms of the loan restructuring, the loan expiry date was
extended by 7 years and the loan size increased by some EUR600,000.
The loan to value ratio is around 50%.
Ben Habib, Chief Executive Officer, commented:
To be able to refinance a shopping centre in these difficult
markets and secure a cash release is a testimony to the strength of
the shopping centre, which has come through lockdowns in very good
shape.
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,
directors and their families. Further information about the Company
and its properties can be found at: www.fprop.com .
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END
MSCPPUQAAUPWGRP
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