7th Jan 2016 08:26
LONDON (Alliance News) - First Property Group PLC on Thursday said it has, alongside a club of investors, acquired a portfolio of Lidl supermarkets in Romania for EUR10.5 million.
The net operating income from the portfolio is currently EUR1.2 million a year, equating to a net initial yield on the purchase of around 11%.
First Property expects to generate a yearly pretax profit on the portfolio of around EUR180,000 a year, it said.
"I am very pleased by the investment made by our clients and ourselves in this portfolio of Lidl supermarkets. Lidl is a leading retailer in Romania with a stated intention to grow its business in the country and these supermarkets are well located for their purpose," said Ben Habib, First Property's chief executive.
Shares in First Property were untraded early Thursday, having last traded at 51.36 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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