First Property inks new lease for Blue Tower, Warsaw
5th Jul 2023 12:09
(Alliance News) - First Property Group PLC on Wednesday said it has leased 2,100 square metres of Blue Tower, Warsaw. Read More
(Alliance News) - First Property Group PLC on Wednesday said it has leased 2,100 square metres of Blue Tower, Warsaw. Read More
First Property Group PLC - London-based property fund manager and investor - Posts revenue of GBP7.2 million for year ended on March 31, down 25% from GBP9.6 million the year before. Pretax profit is down by 65% to GBP2.5 million from GBP7.1 million, as operating profit decreases to GBP2.0 million from GBP6.1 million the year before. Basic earnings per share drops to 1.73 pence from 6.14p a year earlier. Declares total dividend of 0.50p per share, unchanged from a year prior. Read More
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First Property Group PLC - London-based property fund manager and investor - Signs a new seven-year lease for space in its wholly owned office building in Bucharest, Romania. The building is now fully leased, up from 83% leased previously. Says that, following the new lease, the net operating income from the property will go up by 7% from around EUR300,000 per annum to around EUR325,000. Read More
(Alliance News) - First Property Group PLC on Wednesday celebrated the launch of its senior loan making platform, designed to help finance and refinance commercial property. Read More
(Alliance News) - First Property Group PLC on Tuesday said that it has restructured the loan secured against Galeria Corso, in which it is a shareholder. Read More
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News: Read More
First Property Group PLC - London-based property fund manager and investor - Signs two new leases for 1,472 squared metres in total at Pilot Tower, Krakow, an office property in which it has an 18% interest via its shareholding in Fprop Krakow Ltd. Says the building is now 73% leased, having lost its main tenant Ringier Axel Springer Podolska in July 2021, during Covid-19 lockdown. Read More
First Property Group PLC - UK property fund manager and investor - Reports EUR1.7 million loan has been obtained by E & S Estates Ltd of which it owns 89%. Says loan secured on a supermarket in Praga, a suburb of Warsaw, Poland worth EUR3.4 million, implying loan to value ratio of around 50%. Forecasts net income from property of EUR160,000, a return on equity of 9% annually. Notes group cash following this refinancing amounts to GBP8.5 million. Read More
(Alliance News) - First Property Group PLC on Wednesday celebrated the sale of two supermarkets in Poland, via consolidated undertaking, for a total of EUR6.2 million. Read More
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News: Read More
(Alliance News) - First Property Group PLC on Monday said it has signed a five-year lease on part of its office building in Lublin, eastern Poland. Read More
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News: Read More
First Property Group PLC - London-based property fund manager and investor - Completes the sale of the warehouse it owned in Tureni, Romania, for EUR3.6 million. Says the sale price represents a profit on disposal of about EUR1.2 million, the property having been acquired for EUR2.0 million in 2014. "This profit has been struck after the deduction of costs associated with the sale, capital expenditure incurred on the property during the period of ownership and remaining fitout costs contractually due to be incurred in respect of the property," First Property notes. Read More
First Property Group PLC - London-based property fund manager and investor - Acquires further 32% or 7,171 square metres of the Blue Tower office building in Warsaw, bringing its total ownership of the building to 80% or 19,937 square metres. Will pay PLN40.4 million or GBP7.2 million in seven instalments over a six-year period, with the first payment of PLN6.0 million already paid. Confirms already owns 90% of the management company of the tower, giving it "effective total control" over the building. Says Polish economy is doing "relatively well" in challenging European economic environment, and expects demand for offices to be buoyed by increasing costs of construction materials, which have hindered construction of new office spaces in Warsaw. Read More
<p>First Property Group PLC - London-based property fund manager and investor - Leases a further 1,115 square metres of its office building in Gdynia, Poland, representing 9% of the net internal area. Once occupied, which is expected to be in January 2023, around 28% of the building will be occupied. In February 2021, following the expiry of the lease to the former sole tenant, the building was 97% vacant.<br /><br />Says that the rent and service charge payable by tenants will exceed EUR65,000 per month, around EUR800,000 per year, resulting in a net operating loss of EUR30,000 per year from the building. When fully let it is anticipated that the building should yield rent of around EUR2.1 million per year.<br /><br />Chief Executive Officer Ben Habib comments: "The speed at which we are making leasing progress at our office building in Gdynia, against significant market headwinds, is testament to the underlying strength of the Polish economy, this building's location, the quality of space on offer and our leasing team."<br /><br />Current stock price: 28.00 pence<br />12-month change: down 11%<br /><br />By Sophie Rose; [email protected]<br /><br />Copyright 2022 Alliance News Limited. All Rights Reserved.</p> Read More
First Property Group PLC - London-based property fund manager and investor - Wins rent arbitration case against Signet Trading Ltd. Explains that its fund, Fprop Offices LP, owns an office complex in Hertfordshire in which Signet leased four floors. Says Signet claimed that these offices should be protected from rent debt under the Commercial Rent Act 2022, as relief due to the Covid-19 pandemic. Read More
First Property Group PLC - London-based property fund manager and investor - Swings to a pretax profit of GBP7.1 million from a loss of GBP5.1 million. Explains that a restructuring of the finance lease of its office building in Poland resulted in an exceptional gain of EUR9.0 million and notes an impairment charge of GBP7.0 million the year before. Revenue falls 29% to GBP8.6 million from GBP12.1 million. Blames the expiry of the lease at same office block, which resulted in a reduction in rental income of GBP3.2 million. Reinstates final dividend with a payout of 0.25 pence per share. This takes its full-year payout to 0.50 pence. Read More