First Property Share News (FPO)

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

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