REG - First Property Group - Further leasing progress

First PropertyAnnouncement

03/08/2022 07:16

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RNS Number : 6750U  First Property Group PLC  03 August 2022

 Date:          3 August 2022
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     0700hrs

 

First Property Group plc

Further leasing progress at the Group's office building 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 1,115 m(2), or 9% of the net
internal area ("NIA"), of its office building in Gdynia, Poland. Once the
requisite fitout works have been completed and the premises is handed over to
the tenant (anticipated in January 2023) the building will be circa 28%
occupied. By comparison, 18 months ago (February 2021), following the expiry
of the lease to the former sole tenant, the building was 97% vacant.

 

The rent and service charge payable by tenants will, once fitouts are
completed and rent free periods have expired, exceed €65,000 per month
(circa €800,000 per annum), resulting in a net operating loss from the
building of some €2,500 per month (or €30,000 per annum).

 

When fully let it is anticipated that the building should yield rent of circa
€2.1 million per annum.

Commenting on the letting, Ben Habib, Chief Executive, said:

"The speed at which we are making leasing progress at our office building in
Gdynia, against significant market headwinds, is testament to the underlying
strength of the Polish economy, this building's location, the quality of space
on offer and our leasing team."

 

ENDS

 

For further information please contact:

 

 First Property Group plc                            Tel: +44 (20) 7340 0270
 Ben Habib (Chief Executive Officer)                 investor.relations@fprop.com (mailto:investor.relations@fprop.com)

 Laura James (Group Finance Director)

 Jeremy Barkes (Director, Business Development)

 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 / Richard Bicknell / Max Richardson     firstproperty@secnewgate.co.uk (mailto: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 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 twelve 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 (http://www.fprop.com) . To receive RNS alerts by email please
subscribe here
(https://sirius.brighterir.com/public/fprop/news_alerts/email_alerts/register)
.

 

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