REG - First Property Group - Update re subsidiary

First PropertyAnnouncement

Wed 16:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250430:nRSd8986Ga&default-theme=true

RNS Number : 8986G  First Property Group PLC  30 April 2025

 

 

 Date:          30 April 2025
 On behalf of:  First Property Group plc ("First Property", the "Company" or the "Group")
 Embargoed:     Immediate release

 

First Property Group plc

Update re subsidiary

 

First Property Group plc (AIM: FPO), the property fund manager and investor,
announces that its wholly owned subsidiary, Fprop Gdynia Podolska Sp. Zoo
("GDY"), which owns an office building in Gdynia, Poland, has been put into
administration by the Group. The Group has made the decision to place GDY in
administration following the Company's failure to agree restructuring terms
with GDY's principal creditor. The Group stated in its interim results
announcement of 21 November 2024 that it was in discussions with GDY's
creditor to extend the repayment date for the €12 million deferred
consideration but it has been unable to do so. The original repayment date was
in June 2024.

 

The placing of GDY in administration will have no material impact on the Group
since the value of its investment in the property is matched to the value of
the debt secured against it. The Company operated on a breakeven basis so
there is no impact on trading profits.

 

Further announcements regarding the administration of GDY will be made as
appropriate.

 

The trading statement issued by the Group on 24 April remains unchanged.

 

- 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 / Daniel Dearden-Williams (Corporate Finance)

 Amrit Nahal / Tony Quirke (Sales and Corporate Broking)

 

 

 

 

Notes to Investors and Editors:

 

First Property Group plc is a 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. 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  MSCIMMATMTJJBPA