Further leasing progress

First Property Group plc

Further leasing progress at the Group's office building 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 1,115 m², or 9% of the net internal area ("NIA"), of its office building in Gdynia, Poland. Once the requisite fitout works have been completed and the premises is handed over to the tenant (anticipated in January 2023) the building will be circa 28% occupied. By comparison, 18 months ago (February 2021), following the expiry of the lease to the former sole tenant, the building was 97% vacant.

The rent and service charge payable by tenants will, once fitouts are completed and rent free periods have expired, exceed €65,000 per month (circa €800,000 per annum), resulting in a net operating loss from the building of some €2,500 per month (or €30,000 per annum).

When fully let it is anticipated that the building should yield rent of circa €2.1 million per annum.

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

"The speed at which we are making leasing progress at our office building in Gdynia, against significant market headwinds, is testament to the underlying strength of the Polish economy, this building's location, the quality of space on offer and our leasing team."

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 thirteen 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.