Business
Leasing update on Group property in Poland
Leasing update on Group property in Poland.
About this update from First Property Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Date:\n \n \n \n \n 13 May 2022\n \n \n \n \n \n \n On behalf of:\n \n \n \n \n First Property Group plc (\"First Property\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Embargoed:\n \n \n \n \n 07:00\n \n \n \n \n \n \n \n \n \n \n First Property Group plc\n \n \n \n \n Leasing update on Group property in Poland\n \n \n \n \n \n \n First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has signed leases covering some 2,691 m2, or 20% of the net internal area (\"NIA\"), of its office building located in Gdynia, Poland. The carried value of this building is €16 million following its write down in March 2021, as a result of it becoming 98% vacant, significantly due to covid related lockdowns.\n \n \n \n \n \n The rent and service charge payable by tenants now totals approximately €500,000 per annum. This equates to about half the cost of operating the building. When fully let it is anticipated that the building should yield some €2.5 million per annum in rent and service charge. \n \n \n \n \n \n The principal tenant, accounting for 15% of NIA and occupying the entire first floor, is the District Court in Gdynia. The Group expects the presence of the court to attract other legal advisers and practitioners to take space in the building.\n \n \n \n \n \n The building, which spans some 13,400 m2 of NIA, is located at 21 ul. Podolska in prime central Gdynia, Poland's second largest seaport after Gdansk. The Port of Gdynia has benefitted from considerable investment in recent years and is currently being enlarged further to enable it to handle Baltimax vessels, with corresponding investment in its road and rail infrastructure. \n \n \n \n \n \n \n \n \n -Ends-\n \n \n \n \n \n \n \n \n \n For further information please contact:\n \n \n \n \n \n \n \n \n \n \n \n \n \n First Property Group plc \n \n \n \n \n \n \n Tel: +44 (0) 20 7340 0270\n \n \n \n \n \n \n \n Ben Habib (Chief Executive Officer)\n \n \n Laura James (Group Finance Director)\n \n \n Jeremy Barkes (Director, Business Development)\n \n \n \n \n \n \n www.fprop.com\n \n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Allenby Capital (NOMAD &...