First Property Group PLC - London-based property fund manager and investor - Signs a new seven-year lease for space in its wholly owned office building in Bucharest, Romania. The building is now fully leased, up from 83% leased previously. Says that, following the new lease, the net operating income from the property will go up by 7% from around EUR300,000 per annum to around EUR325,000.
Chief Executive Officer Ben Habib says: "This is a creditable transaction, leasing a substantial amount of space in a difficult sub sector of the market, offices. The new lease underpins this property and the low level of tenant incentives agreed reflects the strength of the location and proposition."
Current stock price: 27.40 pence
12-month change: down 11%
By Holly Beveridge, Alliance News reporter
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First Property (FPO)