REG - First Property Group - Leasing progress at Blue Tower, Warsaw

First PropertyAnnouncement

05/07/2023 07:00

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RNS Number : 9569E  First Property Group PLC  05 July 2023

 Date:          5 July 2023
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     0700 hours

 

First Property Group plc

Leasing progress at Blue Tower, Warsaw

 

First Property Group plc (AIM: FPO), the property fund manager and investor,
is pleased to announce it has leased some 2,100 sq. metres, or 11.6% of the
Group's 17,937 sq. metres share in Blue Tower, Warsaw.

 

As a result of this new lease, the net operating income should increase by
around 25% from some €1.6 million per annum to €2.0 million per annum. The
additional income will commence once the space has been fitted out, which is
due to be completed by the end of this calendar year.

 

The Group acquired an additional 7,170 sq. metres (32%) of Blue Tower in
August 2022. Of this, 5,158 sq. metres was vacant at the time. That
transaction increased the Group's share in the tower from 48% to 80%.

 

When fully let Blue Tower should generate a net operating income of some
€2.9 million per annum.

 

Blue Tower is very well located, opposite Warsaw's City Hall, adjacent to an
underground railway station, a tram interchange, and near Warsaw's renowned
Old Town.

Commenting on the leasing, Ben Habib, Chief Executive of First Property
Group plc, said

"This is a significant and noteworthy transaction. Leasing 2,100 sq. metres of
office space in any market is challenging. To do so in this difficult economic
period is a testimony to the strength of the Varsovian office market, the
building, its location and our leasing team.

There is tenant interest in the space which remains vacant in Blue Tower. We
hope to report on further progress 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 (mailto: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 include six directly held properties in Poland, one in Romania,
and non-controlling interests in nine of the twelve funds.

 

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 (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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