First Property Regulatory News (FPO)

First Property Group plc

Update re subsidiary

First Property Group plc (AIM: FPO), the property fund manager and investor, announces that its wholly owned subsidiary, Fprop Gdynia Podolska Sp. Zoo ("GDY"), which owns an office building in Gdynia, Poland, has been put into administration by the Group. The Group has made the decision to place GDY in administration following the Company's failure to agree restructuring terms with GDY's principal creditor. The Group stated in its interim results announcement of 21 November 2024 that it was in discussions with GDY's creditor to extend the repayment date for the €12 million deferred consideration but it has been unable to do so. The original repayment date was in June 2024.

The placing of GDY in administration will have no material impact on the Group since the value of its investment in the property is matched to the value of the debt secured against it. The Company operated on a breakeven basis so there is no impact on trading profits.

Further announcements regarding the administration of GDY will be made as appropriate.

The trading statement issued by the Group on 24 April remains unchanged.

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Notes to Investors and Editors:

First Property Group plc is a property fund manager and investor with operations in the United Kingdom and Central Europe. Its focus is on higher yielding commercial property with sustainable cash flows.

The Company is flexible and takes an active approach to asset management. Its earnings are derived from:

Quoted on AIM, the Company has offices in London and Warsaw. Further information about the Company and its properties can be found at: www.fprop.com. To receive RNS alerts by email please subscribe here.