First Property Group PLC Leasing progress by Group Property in Bucharest (0199C)
08 Juin 2023 - 8:00AM
UK Regulatory
TIDMFPO
RNS Number : 0199C
First Property Group PLC
08 June 2023
Date: 8 June 2023
On behalf of: First Property Group plc ("First Property",
the "Company" or the "Group")
Embargoed: 7am
First Property Group plc
Leasing progress by Group Property in Bucharest, Romania
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to report that it has signed a new seven
year lease for 88%, or 2,515 m(2) of its wholly owned office
building in Bucharest, Romania. The building is now fully leased,
up from 83% leased previously.
Tenant incentives amounted to some EUR100,000 or EUR40 per m(2)
.
As a result of this new lease, the net operating income from
this property should increase by 7%, from some EUR300,000 per annum
to some EUR325,000 per annum. The weighted average unexpired lease
term (WAULT) has doubled, from 2.9 years to 6.0 years.
Ben Habib, Chief Executive Officer of First Property,
commented:
"This is a creditable transaction, leasing a substantial amount
of space in a difficult sub sector of the market, offices. The new
lease underpins this property and the low level of tenant
incentives agreed reflects the strength of the location and
proposition.
"The overall office vacancy rate in Bucharest is around 13%. It
stands at some 11% in the central business district, in which the
Group's office building is located.
"Investment markets across Central and Eastern Europe are
challenging given the recent spike in inflation and interest rates
but real economies are broadly holding up, notwithstanding these
headwinds."
ENDS
For further information please contact:
First Property Group plc Tel: +44 (20) 7340
0270
Ben Habib (Chief Executive Officer) 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 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,
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 .
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END
MSCDZGGVRNMGFZM
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June 08, 2023 02:00 ET (06:00 GMT)
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