Sale of Group Property in Tureni, Romania

RNS Number : 8001W

First Property Group PLC

22 August 2022

 

Date:	22 August 2022
On behalf of:	First Property Group plc ("First Property", "the Company" or the "Group")
Embargoed:	Immediate Release

First Property Group plc

Sale of Group Property in Tureni, Romania

First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has completed the sale of the warehouse it owned in Tureni, Romania, for €3.60 million (£3.05 million). The sale price represents a profit on disposal of some €1.16 million (£981,000). This profit has been struck after the deduction of costs associated with the sale, capital expenditure incurred on the property during the period of ownership and remaining fitout costs contractually due to be incurred in respect of the property.

After the repayment of €2.52 million (£2.14 million) in bank debt secured against the property, the sale should release some €706,000 (£598,000) in cash to the Group.

Commenting on the sale, Ben Habib, Chief Executive, said:

"I am very pleased by the sale of our warehouse in Tureni, Romania, for €3.6 million, which was acquired for €2 million in 2014. The profit on sale was €1.16 million, representing a gain of 47% - an excellent result."

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)	[e-mail]
Allenby Capital (NOMAD & Broker)	Tel: + 44 (20) 3328 5656
Nick Naylor (Corporate Finance) Freddie Wooding (Corporate Finance) Amrit Nahal (Sales and Corporate Broking)
SEC Newgate (PR)	Tel: + 44 (20) 3757 6880;
Robin Tozer / Richard Bicknell / Max Richardson	[e-mail]

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 seven directly held properties in Poland and Romania, and non-controlling interests in ten of the twelve funds managed by FPAM.

Quoted on AIM, the Company has offices in London, Warsaw and Bucharest. 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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