Business
New investment in Poland by Fprop Opportunities
New investment in Poland by Fprop Opportunities.
About this update from First Property Group Plc
[{"type":"text","content":"\n \nRNS Number : 1823Z First Property Group PLC 09 December 2014 \n\n\n\n\n\nDate:\n\n\n09 December 2014\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\n0700hrs\n\n\n\n\n \nFirst Property Group plc \nNew investment in Poland by Fprop Opportunities plc (FOP)\n \nFirst Property Group plc (AIM: FPO), the property fund management group, is pleased to announce that Fprop Opportunities plc (FOP), its Polish-focused fund in which the Group is a 76.2% shareholder, has completed the refinancing of the investment it made on 19 September in a special purpose limited liability company (\"SPV\") which owns a tenanted office building in Warsaw (the \"Property\"). \n \nThe price, which was paid in cash, to acquire the entire issued share capital in the SPV, was €377,000. As part of the refinancing, FOP invested a further €1.55 million in cash in the SPV. \n \nThe Property is generating a net operating income of some €1.30 million per annum and the investment is expected to yield a contribution to the profit before tax of the Group of some €1 million on an annualised basis, and a contribution of some €450,000 for the period to 31 March 2015.\n \nFollowing the completion of this investment and its refinancing FOP is fully invested.\n \n-Ends- \n \nFor further information please contact:\n \n\n\n\n\nFirst Property Group plc\n\n\nTel: 020 7340 0270\n\n\n\n\nBen Habib (Chief Executive & Chief Investment Officer)\n\n\nwww.fprop.com \n\n\n\n\nGeorge Digby (Group Finance Director)\nJeremy Barkes (Director, Business Development)\n \n\n\[email protected] \n\n\n\n\nArden Partners\n\n\nTel: 020 7614 5900\n\n\n\n\nChris Hardie (Director, Corporate Finance) \nMichael McNeilly (Corporate Finance)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRedleaf Polhill\n\n\nTel: 020 7382 4763\n\n\n\n\nGeorge Parrett / Henry Columbine\n\n\[email protected] \n\n\n\n\n \nNotes to investors and editors:\n \nFirst Property Group plc is a commercial property fund manager with operations in the United Kingdom and Central Europe. Its business model is to:\n \n· Raise and manage third party funds to invest in property;\n· Co-invest in these funds and thereby ...