1st May 2020 18:36
(Alliance News) - First Property Group PLC on Wednesday said it has entered into a new lease with Teconnex Ltd in respect of 6,300 square metres in the warehouse it owns in Tureni, Romania.
The property fund manager and investor said the building is now fully leased and should yield a net operating income of EUR250,000 in the year to the end of March 2021, up from EUR170,000 in its recently ended financial year.
The rent-free period granted to the tenant expires in the current financial year, following which the net operating income should rise to EUR330,000 per annum, First Property noted.
"Teconnex's decision to increase its commitment validates our view that the warehouse is a well located, first class property. We are very pleased to strengthen and extend our long-term partnership with a world class company like Teconnex at our warehouse in Tureni," said First Property Chief Executive Ben Habib.
AIM-listed First Property shares closed flat in London on Friday at 36.50 pence each.
By Evelina Grecenko; [email protected]
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