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 512 m² or 3.7% of its office building in Gdynia, Poland, to Alfa Forwarding Ltd, a freight company. The new tenant is expected to start paying rent on or around 1 April 2024, following which the net operating loss from the building should narrow to around ?55,000 on an annualised basis.

A further 9,980 m² of office space in the building remains to be leased, equating to around 72% of the total office space in the building. The Group is currently in negotiations with four prospective tenants over leases covering 1,265 m² of this space.

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

The building, which spans some 13,900 m² of net internal area, is located at 21 ul. Podolska in prime central Gdynia, Poland's second largest seaport after Gdansk. The Port of Gdynia has benefitted from considerable investment in recent years and is currently being enlarged further to enable it to handle Baltimax vessels, with corresponding investment in its road and rail infrastructure.  

ENDS

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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. To receive RNS alerts by email please subscribe here.