First Property Share News (FPO)

First Property funds under management slip in recent trading

(Sharecast News) - First Property Group reported further leasing and transaction activity in a trading update on Tuesday.

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IN BRIEF: First Property completes sale of warehouse in Romania

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.

IN BRIEF: First Property increases stake in Warsaw office block

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.

IN BRIEF: First Property leases 9% of office building in Poland

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.

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.

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."

Current stock price: 28.00 pence
12-month change: down 11%

By Sophie Rose; sophierose@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

First Property leases another 9pc of Gdynia office building

(Sharecast News) - Property fund manager and investor First Property Group has leased a further 1,115 square metres, or 9% of the net internal area, of its office building in Gdynia, Poland, it announced on Wednesday.

IN BRIEF: First Property wins rent arbitration case against Signet

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.

IN BRIEF: First Property swings to profit with restructured lease

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.

UK earnings, trading statements calendar - next 7 days

First Property signs lease for 20% of space in Poland office

(Alliance News) - First Property Group PLC on Friday has signed leases at its Gdynia, Poland-based office.

First Property signs leases at Gdynia office building

(Sharecast News) - Property fund manager and investor First Property Group has signed leases covering 2,691 square metres, or 20% of the net internal area, of its office building in Gdynia, Poland, it announced on Friday.

IN BRIEF: First Property Group shares suspended after losing nomad

First Property Group PLC - London-based property fund manager and investor - Shares are suspended from trading on AIM in London on Monday, after Arden Partners PLC resigns as its nominated adviser. Arden lost its ability to act as a nomad due to its acquisition by Ince Group PLC, a deal set to complete by the end of April. First Property must appoint a new nomad within 30 days or its share will be cancelled from AIM.

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UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days