Business
Leasing progress by Associate in Cluj, Romania
Leasing progress by Associate in Cluj, Romania.
About this update from First Property Group Plc
[{"type":"text","content":"\n\n\n\n\nDate:\n\n\n11 July 2023\n\n\n\n\nOn behalf of:\n\n\nFirst Property Group plc (\"First Property\", the \"Company\" or the \"Group\")\n\n\n\n\nEmbargoed:\n\n\n7am\n\n\n\n \nFirst Property Group plc\nLeasing progress by Associate in Cluj, Romania\n \nFirst Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has signed two new leases, for an aggregate area of 945 square metres, at Maestro Business Centre, an office property in Cluj-Napoca, Romania. The property is owned by Fprop Cluj Ltd, in which the Group has a 21.17% interest. The building is now fully let, up from 93% leased previously.\n \nThe net operating income earned from the property should increase from approximately €915,000 per annum to approximately €985,000 per annum by May 2024, after rent abatement incentives have expired.\n \nThe environmental performance of the building was rated by the Building Research Establishment, Environmental Assessment Methodology (BREEAM) as \"Excellent\" in October 2022.\n \nBen Habib, Chief Executive Officer of the Company, said:\n \n\"These are creditable leasing transactions and follow similar leasing progress at office properties under the Group's management in Poland.\"\n \nENDS\n \nFor further information please contact:\n \n\n\n\nFirst Property Group plc \n\n\nTel: +44 (20) 7340 0270\n\n\n\n\nBen Habib (Chief Executive Officer)\nLaura James (Group Finance Director)\nJeremy Barkes (Director, Business Development)\nJill Aubrey (Director, Compliance & Company Secretary)\n\n\[email protected]\n \n\n\n\n\n\n\n\n\n\n\n\n\nAllenby Capital (NOMAD & Broker)\n\n\nTel: + 44 (20) 3328 5656\n\n\n\n\nNick Naylor (Corporate Finance)\nDaniel Dearden-Williams (Corporate Finance)\nAmrit Nahal (Sales and Corporate Broking)\n\n\n\n\n\n\n \nNotes to Investors and Editors:\n \nFirst Property Group plc is an award-winning 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 fr...