REG - First Property Group - Leasing progress by Polish associate

First PropertyAnnouncement

20/04/2023 13:30

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RNS Number : 9486W  First Property Group PLC  20 April 2023

 Date:          20 April 2023
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     Immediate Release

 

First Property Group plc

Leasing progress by Polish Associate

 

First Property Group plc (AIM: FPO), the property fund manager and investor,
is pleased to report that it has signed two new leases for 1,472 m(2) in total
at Pilot Tower, Krakow, an office property in which it has an 18% interest via
its shareholding in Fprop Krakow Ltd. The building is now 73% leased, having
lost its main tenant, Ringier Axel Springer Podolska (trading as Onet), in
July 2021, during Poland's Covid lockdowns. Onet had occupied some 50% of the
building. A further 2,965 m(2) of office space remains to be leased.

 

As a result of these two new leases, the net operating income of Pilot Tower
should increase by some 44% from €865,000 per annum to €1.25 million per
annum.

 

Ben Habib, Chief Executive Officer of First Property, commented:

 

"This is a creditable performance in a difficult market. The office vacancy
rate in Krakow is 16%".

 

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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