First Property Regulatory News (FPO)

13 Mar 2008 09:35

First Property Group PLC13 March 2008 Date: 13 March 2008 On behalf of: First Property Group plc ("First Property" or the "Company") For Immediate Release First Property Group plcCitibank signs new ten year lease agreement First Property Group plc (AIM: FPO), the AIM-listed property fund managementgroup, today announces that Citibank International plc, a wholly ownedsubsidiary of Citigroup, has signed a new lease agreement on improved terms atthe Oxford Tower office block ("Oxford Tower") in the Central Business Districtof Warsaw, Poland. First Property acquired Oxford Tower in August 2007 on behalf of the fund itmanages for the Universities Superannuation Scheme ("USS"). The new lease agreement, which is for a period of ten years, is in respect of8,277 sq m of office space together with 59 car parking spaces and 329 sq m ofstorage facilities. The total office area of Oxford Tower owned by the fund issome 20,000 sq m. The new lease therefore underpins the income earned by thefund from this asset, as well as enhancing its value. Commenting, Ben Habib, Chief Executive, First Property said: "Oxford Tower is a striking office block in a prime central location in Warsawand is part of our growing portfolio of assets in Poland. We are delighted thatCitibank has extended its lease of this space. "Our year end is 31 March 2008 and we look forward to releasing a trading updateon the Group's activities shortly thereafter." - Ends - Enquiries to: Ben Habib, Chief Executive www.fprop.comFirst Property Group plc Tel: 020 7731 2844 Chris Hardie, Corporate Finance Director chris.hardie@arden-partners.comArden Partners Tel: 020 7398 1639 Emma Kane / Adam Leviton al@redleafpr.comRedleaf Communications Ltd Tel: 020 7822 0200 Notes to Editors: • First Property Group plc was established in March 2000 by Chief Executive Ben Habib, to provide a number of property services which include property fund management, property transaction underwriting and trading, and facilities management. • The Company listed its shares on the Alternative Investment Market (AIM) in December 2000 with a view to fuelling further growth. • First Property Group plc is an integrated property services group which consists of the following core services: - Property fund management - established in August 2002 and provided by a wholly owned subsidiary, First Property Asset Management Ltd (FPAM), now with operations in the UK, Central and Eastern Europe; - Property transaction underwriting and trading - established in August 2001 also provided by FPAM, now with operations in the UK, Central and Eastern Europe; - Facilities Management - acquired 60% of First Property Services Ltd in February 2006, with operations in the UK and clients including: Credit Suisse, Canary Wharf, the BBC, Coutts Bank and Exxon Mobil. • Further information about the company and its products can be found at: www.fprop.com This information is provided by RNS The company news service from the London Stock Exchange