REG - First Property Group - Leasing progress at Group Property in Gdynia

First PropertyAnnouncement

23/10/2023 07:00

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RNS Number : 8351Q  First Property Group PLC  23 October 2023

 Date:          23 October 2023
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     07:00 hours

 

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 512 m(2) or 3.7% of its
office building in Gdynia, Poland, to Alfa Forwarding Ltd, a freight company.
The new tenant is expected to start paying rent on or around 1 April 2024,
following which the net operating loss from the building should narrow to
around €55,000 on an annualised basis.

A further 9,980 m(2) of office space in the building remains to be leased,
equating to around 72% of the total office space in the building. The Group is
currently in negotiations with four prospective tenants over leases covering
1,265 m(2) of this space.

When fully let it is anticipated that the building should generate net
operating income of some €2.1 million per annum.

The building, which spans some 13,900 m(2) of net internal area, is located
at 21 ul. Podolska in prime central Gdynia, Poland's second largest seaport
after Gdansk. The Port of Gdynia has benefitted from considerable investment
in recent years and is currently being enlarged further to enable it to handle
Baltimax vessels, with corresponding investment in its road and rail
infrastructure.

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 / Daniel Dearden-Williams (Corporate Finance)

 Amrit Nahal / Tony Quirke (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 six directly held properties in Poland, one in Romania,
and non-controlling interests in nine 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 (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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