REG - First Property Group - Leasing progress at Polish property

First PropertyAnnouncement

10/10/2022 07:00

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RNS Number : 2318C  First Property Group PLC  10 October 2022

 Date:          10 October 2022
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     07:00

 

First Property Group plc

Leasing progress at Polish property accounted for as an associate

 

First Property Group plc (AIM: FPO), the property fund manager and investor,
is pleased to report that it has signed a new five-year lease covering some
1,000 m(2), or 9.5% of the gross leasable area ("GLA"), of an office building
in Lublin, Poland, owned by Fprop Opportunities plc ("FOP"), a fund managed by
the Group and in which it is a 46% shareholder.

 

The new lease commenced on 5 October 2022. A rent-free period of one month was
granted, following which the net operating income earned by the property
should increase from €0.94 million per annum to €1.11 million per annum.

 

The property is now multi-let to 10 tenants and the vacancy rate has reduced
to 16%. A further 1,670 m(2) remains to be let.

 

The building, which spans some 10,500 m(2) of GLA, is located in prime central
Lublin, Eastern Poland. Lublin is an attractive city of historical importance
and is Poland's ninth largest. It is known for its universities which in turn
attracts employers due to the supply of young graduates. Due to its location
in Eastern Poland, it is also benefiting from demand for space from companies
with business operations in Eastern Europe, in particular from Ukraine and
Belarus.

 

Jeremi Slominski, Head of Asset Management at First Property, said:

 

"This new leasing demonstrates increasing tenant interest for office space in
Lublin, and in particular for our building, Zana 39, which is extremely well
located and offers tenants good quality and cost-effective space."

 

 

-Ends-

 

For further information please contact:

 

 First Property Group plc                           Tel: +44 (20) 7340 0270
 Ben Habib (Chief Executive Officer)                www.fprop.com (http://www.fprop.com)

 Laura James (Group Finance Director)               investor.relations@fprop.com (mailto:investor.relations@fprop.com)

 Jeremy Barkes (Director, Business Development)

 Allenby Capital (NOMAD & Broker)                   Tel: + 44 (20) 3328 5656
 Nick Naylor / Freddie Wooding (Corporate Finance)

 Amrit Nahal (Equity Sales)

 SEC Newgate (PR)                                   Tel: + 44 (20) 3757 6880;
 Robin Tozer / Richard Bicknell / Max Richardson    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 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 and 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 (http://www.fprop.com) .

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