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| Date | 23 May 2023 |
| Time | 07:00:03 |
| Category | Miscellaneous |
| ID | 2637A |
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Date: |
23 May 2023 |
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On behalf of: |
First Property Group plc ("First Property", the "Company" or the "Group") |
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Embargoed: |
7am |
First Property Group plc
Loan restructuring by Polish Associate
First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has restructured the loan secured against Galeria Corso, a shopping centre in Świnoujście, Poland, in which the Group is a 29.09% shareholder.
Świnoujście is a popular holiday destination on Poland's Baltic coastline, close to its border with Germany. Galeria Corso is centrally located within the town. It comprises some 10,000 m2, is fully let and trades well.
The property was valued at €25 million as at 31 March 2023 (versus a purchase price of €23.9 million in 2016). As part of the terms of the loan restructuring, the loan expiry date was extended by 7 years and the loan size increased by some €600,000. The loan to value ratio is around 50%.
Ben Habib, Chief Executive Officer, commented:
To be able to refinance a shopping centre in these difficult markets and secure a cash release is a testimony to the strength of the shopping centre, which has come through lockdowns in very good shape.
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, directors and their families. Further information about the Company and its properties can be found at: www.fprop.com.