REG - First Property Group - Loan restructuring by Polish Associate

First PropertyAnnouncement

23/05/2023 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:20230523:nRSW2637Aa&default-theme=true

RNS Number : 2637A  First Property Group PLC  23 May 2023

 Date:          23 May 2023
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     7am

 

First Property Group plc

Loan restructuring by Polish Associate

 

First Property Group plc (AIM: FPO), the property fund manager and investor,
is pleased to report that it has restructured the loan secured against Galeria
Corso, a shopping centre in Świnoujście, Poland, in which the Group is a
29.09% shareholder.

 

Świnoujście is a popular holiday destination on Poland's Baltic coastline,
close to its border with Germany. Galeria Corso is centrally located within
the town. It comprises some 10,000 m(2), is fully let and trades well.

 

The property was valued at €25 million as at 31 March 2023 (versus a
purchase price of €23.9 million in 2016). As part of the terms of the loan
restructuring, the loan expiry date was extended by 7 years and the loan size
increased by some €600,000. The loan to value ratio is around 50%.

 

Ben Habib, Chief Executive Officer, commented:

 

To be able to refinance a shopping centre in these difficult markets and
secure a cash release is a testimony to the strength of the shopping centre,
which has come through lockdowns in very good shape.

 

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, directors and their families.
Further information about the Company and its properties can be found at:
www.fprop.com (http://www.fprop.com) .

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  MSCPPUQAAUPWGRP