REG - First Property Group - Leasing progress by Associate in Cluj, Romania

First PropertyAnnouncement

11/07/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230711:nRSK5685Fa&default-theme=true

RNS Number : 5685F  First Property Group PLC  11 July 2023

 Date:          11 July 2023
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     7am

 

First Property Group plc

Leasing progress by Associate in Cluj, Romania

 

First Property Group plc (AIM: FPO), the property fund manager and investor,
is pleased to report that it has signed two new leases, for an aggregate area
of 945 square metres, at Maestro Business Centre, an office property in
Cluj-Napoca, Romania. The property is owned by Fprop Cluj Ltd, in which the
Group has a 21.17% interest. The building is now fully let, up from 93%
leased previously.

 

The net operating income earned from the property should increase from
approximately €915,000 per annum to approximately €985,000 per annum by
May 2024, after rent abatement incentives have expired.

 

The environmental performance of the building was rated by the Building
Research Establishment, Environmental Assessment Methodology (BREEAM) as
"Excellent" in October 2022.

 

Ben Habib, Chief Executive Officer of the Company, said:

 

"These are creditable leasing transactions and follow similar leasing progress
at office properties under the Group's management in Poland."

 

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 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)
.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDGGDRCDBDGXG