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First Property leases further 3.7% of Gdynia building office space

23rd Oct 2023 11:26

(Alliance News) - First Property Group PLC on Monday said it has leased a further 512 square metres or 3.7% of its office building in Gdynia, Poland to freight company Alfa Forwarding Ltd.

The London-based property fund manager and investor said the new tenant is expected to start paying rent on or around April 1, following which the net operating loss from the building should narrow to around EUR55,000 on an annualised basis.

First Property said a further 9,980 square metres of office space in the building remains to be leased, or around 72% of the total office space. It is currently in negotiations with four prospective tenants over leases covering 1,265 square metres of space.

When fully let, First Property expects the building should generate around EUR2.1 million annually.

The building has around 13,900 square metres of net internal area in central Gdynia, which First Property described as Poland's second-largest seaport after Gdansk.

"The Port of Gdynia has benefitted from considerable investment in recent years and is currently being enlarged further to enable it to handle Baltimax vessels, with corresponding investment in its road and rail infrastructure," First Property said.

Shares in First Property were untraded on Monday morning, having last traded at 17.00 pence each in London around the time of the close on Friday last week.

By Greg Rosenvinge, Alliance News reporter

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