Leasing progress at property in Gdynia, Poland

First Property Group PLC

25 April 2023

 

Date:	25 April 2023
On behalf of:	First Property Group plc ("First Property", the "Company" or the "Group")
Embargoed:	0700 hrs

First Property Group plc

Leasing progress at Group Property in Gdynia, Poland

First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has leased a further 241 m² or 2% of its office building in Gdynia, Poland to Sonniger Polska SA, a heating devices manufacturer. Following the new tenant taking occupation of this space, and following completion of the fit-out of space leased by another tenant, the building should be around 28% leased. As a result, the net operating loss from the building should narrow to around €70,000 on an annualised basis. The net operating loss prior to the start of these two leases is around €275,000 on an annualised basis.

A further 10,388 m² of office space in the building remains to be leased. The service charge attributable to the currently vacant space amounts to some €670,000 per annum and should reduce to €630,000 per annum after the start of the two new leases referenced above. This cost is borne by the Group.

When fully let it is anticipated that the building should generate net operating income of some €2.1 million per annum.

ENDS

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Chief Executive Officer) Laura James (Group Finance Director) Jeremy Barkes (Director, Business Development) Jill Aubrey (Director, Compliance & Company Secretary)	[e-mail]
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. To receive RNS alerts by email please subscribe here.

 

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