First Property Group PLC Leasing progress at Blue Tower, Warsaw (9569E)
05 Juillet 2023 - 8:00AM
UK Regulatory
TIDMFPO
RNS Number : 9569E
First Property Group PLC
05 July 2023
Date: 5 July 2023
On behalf of: First Property Group plc ("First Property",
the "Company" or the "Group")
Embargoed: 0700 hours
First Property Group plc
Leasing progress at Blue Tower, Warsaw
First Property Group plc (AIM: FPO), the property fund manager
and investor, is pleased to announce it has leased some 2,100 sq.
metres, or 11.6% of the Group's 17,937 sq. metres share in Blue
Tower, Warsaw.
As a result of this new lease, the net operating income should
increase by around 25% from some EUR1.6 million per annum to EUR2.0
million per annum. The additional income will commence once the
space has been fitted out, which is due to be completed by the end
of this calendar year.
The Group acquired an additional 7,170 sq. metres (32%) of Blue
Tower in August 2022. Of this, 5,158 sq. metres was vacant at the
time. That transaction increased the Group's share in the tower
from 48% to 80%.
When fully let Blue Tower should generate a net operating income
of some EUR2.9 million per annum.
Blue Tower is very well located, opposite Warsaw's City Hall,
adjacent to an underground railway station, a tram interchange, and
near Warsaw's renowned Old Town.
Commenting on the leasing, Ben Habib, Chief Executive of First
Property Group plc, said
"T his is a significant and noteworthy transaction. Leasing
2,100 sq. metres of office space in any market is challenging. To
do so in this difficult economic period is a testimony to the
strength of the Varsovian office market, the building, its location
and our leasing team.
There is tenant interest in the space which remains vacant in
Blue Tower. We hope to report on further progress in due
course."
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 include six directly held properties in
Poland, one in Romania, and non-controlling interests in nine of
the twelve funds.
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
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