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On 20 April 2023, First Property Group plc announced that its Polish Associate, Fprop Krakow Ltd, in which First Property holds an 18% interest, signed two new leases totalling 1,472 m2 at Pilot Tower, Krakow. These new leases increase the building's leased occupancy to 73% and are expected to raise its net operating income by 44% from €865,000 to €1.25 million per annum.
| Date | 20 Apr 2023 |
| Time | 13:21:19 |
| Category | Miscellaneous |
| ID | 9486W |
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Date: |
20 April 2023 |
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On behalf of: |
First Property Group plc ("First Property", the "Company" or the "Group") |
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Embargoed: |
Immediate Release |
First Property Group plc
Leasing progress by Polish Associate
First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has signed two new leases for 1,472 m2 in total at Pilot Tower, Krakow, an office property in which it has an 18% interest via its shareholding in Fprop Krakow Ltd. The building is now 73% leased, having lost its main tenant, Ringier Axel Springer Podolska (trading as Onet), in July 2021, during Poland's Covid lockdowns. Onet had occupied some 50% of the building. A further 2,965 m2 of office space remains to be leased.
As a result of these two new leases, the net operating income of Pilot Tower should increase by some 44% from €865,000 per annum to €1.25 million per annum.
Ben Habib, Chief Executive Officer of First Property, commented:
"This is a creditable performance in a difficult market. The office vacancy rate in Krakow is 16%".
ENDS
For further information please contact:
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First Property Group plc |
Tel: +44 (20) 7340 0270 |
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Ben Habib (Chief Executive Officer) Laura James (Group Finance Director) Jeremy Barkes (Director, Business Development) Jill Aubrey (Director, Compliance & Company Secretary) |
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Allenby Capital (NOMAD & Broker) |
Tel: + 44 (20) 3328 5656 |
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Nick Naylor (Corporate Finance) Daniel Dearden-Williams (Corporate Finance) Amrit Nahal (Sales and Corporate Broking) |
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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 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 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.