First Property Group plc

Sale of two supermarkets in Poland by consolidated undertaking

First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report it has sold two supermarkets in Poland for €6.20 million on behalf of funds managed by the Group and in which the Group has an 88.5% interest.   

The sales price represents a gain of some €850,000 or 16% against their aggregate book value of €5.35 million, and a gain of some €130,000 against their aggregate market valuation of €6.07 million as at 31 March 2022.   

The pre-tax profit earned on these disposals, after deducting sales costs, amounts to some €780,000 (£670,000). The cash released following the repayment of the bank loan secured against them amounts to some €2.59 million (£2.24 million) and will be held for reinvestment.

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

"I am pleased by the disposal of these supermarket assets in a difficult market environment. The cash released further strengthens the Group's finances. It is intended that this cash will be reinvested in due course."

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 four 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 and Warsaw. 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.