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First Property Group plc announced on 11 July 2023 that its associate, Fprop Cluj Ltd, 21.17% owned by First Property, signed two new leases for an aggregate area of 945 square metres at Maestro Business Centre in Cluj-Napoca, Romania. This action increased the building's occupancy from 93% to fully let. The RNS stated that the property's net operating income is projected to increase from approximately €915,000 to €985,000 per annum by May 2024.
| Date | 11 Jul 2023 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 5685F |
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Date: |
11 July 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
Leasing progress by Associate in Cluj, Romania
First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has signed two new leases, for an aggregate area of 945 square metres, at Maestro Business Centre, an office property in Cluj-Napoca, Romania. The property is owned by Fprop Cluj Ltd, in which the Group has a 21.17% interest. The building is now fully let, up from 93% leased previously.
The net operating income earned from the property should increase from approximately €915,000 per annum to approximately €985,000 per annum by May 2024, after rent abatement incentives have expired.
The environmental performance of the building was rated by the Building Research Establishment, Environmental Assessment Methodology (BREEAM) as "Excellent" in October 2022.
Ben Habib, Chief Executive Officer of the Company, said:
"These are creditable leasing transactions and follow similar leasing progress at office properties under the Group's management in Poland."
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 six directly held properties in Poland, one in Romania, and non-controlling interests in nine 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. To receive RNS alerts by email please subscribe here.