Leasing progress at Blue Tower, Warsaw

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 €1.6 million per annum to €2.0 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 €2.9 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

"This 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

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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 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.