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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.
"Our first investment in this office block was in 2008 and it has made a major contribution to our profits over the years. I expect this to continue and grow. It is a landmark building in Warsaw, centrally located, opposite the City Hall, above a metro station and at the junction of major bus and tram routes. There is a substantial programme of refurbishment and leasing ahead but I anticipate this should go well," says Chief Executive Ben Habib.
Current stock price: 28.00 pence
12-month change: down 11%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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