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(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.
The London-based property fund manager sold the properties on behalf of funds managed by the group, in which it has an 89% interest.
The sales price represented a gain of around EUR850,000 against First Property's aggregate book value of EUR5.4 million, and EUR130,000 against its aggregate market valuation of EUR6.1 million as at March 31.
The pretax profit earned on these disposals was EUR780,000.
The cash released following the repayment of the bank loan secured against the properties amounts to EUR2.6 million, and will be held for reinvestment.
"I am pleased by the disposal of these supermarket assets in a difficult market environment. The cash released further strengthens the group's finances. It is intended that this cash will be reinvested in due course," said Chief Executive Ben Habib.
First Property shares were trading 1.7% higher at 23.90 pence each in London on Wednesday afternoon.
By Holly Beveridge; Alliance News reporter
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