Business
New loan secured against a directly owned property
New loan secured against a directly owned property.
About this update from First Property Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Date:\n \n \n \n \n 1 March 2023\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 0700hrs\n \n \n \n \n \n \n \n \n \n \n \n \n First Property Group plc\n \n \n \n \n New loan secured against a directly owned property\n \n \n \n \n \n \n First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that a loan of €1.7 million has been obtained by E and S Estates Ltd, the shares of which are 88.5% owned by the Group. The loan is secured on a supermarket in Praga, a suburb of Warsaw. The property is valued at €3.36 million, implying a loan to value ratio of circa 50%.\n \n \n \n \n \n The forecast net income earned from the property, determined after deducting interest costs in respect of this new loan, amounts to some €160,000 per annum (£140,000[1]). This equates to a rate of return on equity invested, based on its appraised value, of some 9% per annum.\n \n \n \n \n \n Group cash following this refinancing and following the sale by E and S Estates Ltd of two properties (as announced on 7 December 2022), amounts to some £8.5 million.\n \n \n \n \n \n [1]\n Figure based on the EUR:GBP exchange rate as of 28 February 2023\n \n \n \n \n \n \n ENDS\n \n \n \n \n \n \n For further information please contact:\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 (20) 7340 0270\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 Jill Aubrey (Company Secretary)\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 \n \n Allenby Capital (NOMAD & Broker)\n \n \n \n \n \n Tel: + 44 (20) 3328 5656\n \n \n \n \n \n \n Nick Naylor (Corporate Finance)\n \n \n Daniel Dearden-Williams (Corporate Finance)\n \n \n Amrit Nahal (Sales and Corporate Broking)\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 \n \n \n \n \n SEC Newgate (PR)\n \n \n \n \n \n Tel: + 44 7540 106366;\n \n \n \n \n \n \n Robin Tozer\n \n \n \n \n \n [email protected]\n \n \n \n \n \n...