Business
Sale of two supermarkets in Poland
Sale of two supermarkets 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 7 December 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 0700hrs\n \n \n \n \n \n \n \n \n \n \n \n \n First Property Group plc\n \n \n \n \n Sale of two supermarkets in Poland by consolidated undertaking\n \n \n \n \n \n \n First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report it has sold two supermarkets in Poland for €6.20 million on behalf of funds managed by the Group and in which the Group has an 88.5% interest. \n \n \n \n \n \n The sales price represents a gain of some €850,000 or 16% against their aggregate book value of €5.35 million, and a gain of some €130,000 against their aggregate market valuation of €6.07 million as at 31 March 2022. \n \n \n \n \n \n The pre-tax profit earned on these disposals, after deducting sales costs, amounts to some €780,000 (£670,000). The cash released following the repayment of the bank loan secured against them amounts to some €2.59 million (£2.24 million) and will be held for reinvestment.\n \n \n \n \n \n \n Commenting on the sale, Ben Habib, Chief Executive, said:\n \n \"I am pleased by the disposal of these supermarket assets in a difficult market environment. The cash released further strengthens the Group's finances. It is intended that this cash will be reinvested in due course.\"\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 Freddie Wooding (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...