REG - First Property Group - Share purchase by the Group in E and S Estates Ltd

First PropertyAnnouncement

31/07/2023 07:00

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RNS Number : 6374H  First Property Group PLC  31 July 2023

 Date:          31 July 2023
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     Immediate Release

 

First Property Group plc

Share purchase by the Group in E and S Estates Ltd

 

First Property Group plc (AIM: FPO), the property fund manager and investor,
is pleased to report that it has acquired the minority interest (being 23%) in
E and S Estates Ltd, a fund managed by the Group, resulting in it now owning
100% of the shares of E and S Estates Ltd in issue. The total consideration
paid by the Company amounted to £213,361.27.

 

E and S Estates Ltd is invested in one supermarket in Praga, a suburb of
Warsaw. This property was refinanced following the sale of two other
properties owned by E and S Estates Ltd, as announced on 1 March 2023. The
property was valued at €3,360,000 as at 31 March 2023.

 

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)
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