REG - First Property Group - Leasing progress at property in Gdynia, Poland

First PropertyAnnouncement

25/04/2023 07:00

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RNS Number : 2719X  First Property Group PLC  25 April 2023

 Date:          25 April 2023
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     0700 hrs

 

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 241 m(2) or 2% of its office
building in Gdynia, Poland to Sonniger Polska SA, a heating devices
manufacturer. Following the new tenant taking occupation of this space, and
following completion of the fit-out of space leased by another tenant, the
building should be around 28% leased. As a result, the net operating loss from
the building should narrow to around €70,000 on an annualised basis. The net
operating loss prior to the start of these two leases is around €275,000 on
an annualised basis.

A further 10,388 m(2) of office space in the building remains to be leased.
The service charge attributable to the currently vacant space amounts to some
€670,000 per annum and should reduce to €630,000 per annum after the start
of the two new leases referenced above. This cost is borne by the Group.

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

 

 

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 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 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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