Business
Teconnex lease
Teconnex lease.
About this update from First Property Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 3011L\n First Property Group PLC\n 29 April 2020\n \n \n \n \n \n \n \n 29 April 2020\n \n \n \n \n \n First Property Group plc\n \n \n (\"First Property\" or \"the Group\")\n \n \n \n \n \n Teconnex leases space at Industrial Park owned by First Property Group in Tureni, Romania\n \n \n \n \n \n First Property Group plc, the property fund manager and investor with operations in the UK and Central Europe, is pleased to announce that it has entered into a new lease with Teconnex Ltd in respect of 6,300 m2 in the warehouse it owns in Tureni, Romania. The building is now fully leased and should yield a net operating income of €250,000 in the year to 31 March 2021, up from €170,000 in the year to 31 March 2020. The rent-free period granted to the tenant expires in the current financial year, following which the net operating income should rise to €330,000 per annum.\n \n \n \n \n \n Located on the DN1/E81 road, the 8,500 m2 industrial and office site is 23 km south of Cluj-Napoca and 11 km north of the A3 motorway at Turda. This is an area which is seeing increased tenant and development interest. \n \n \n \n \n \n Teconnex is a world leader in jointing technologies. It designs and manufactures V-clamps, pressed clamps and other joint technology solutions for the automotive, aerospace and industrial sectors. It is headquartered in the UK and distributes its products in its core market of Europe from its base in Tureni. It is part of Hedadex, a privately-owned group of companies with more than £100m in turnover.\n \n \n \n \n \n The new lease follows the recent announcement that the Group completed the sale of the CH8 office tower in Warsaw, Poland, which returned the Group some €19.6 million in cash. Both the lease and sale were successfully completed against the backdrop of the COVID-19 crisis.\n \n \n \n \n \n \n Commenting on the lease, Ben Habib, Group Chief Executive, said:\n \n \"Teconnex's decision to increase its commitment validates our view that the warehouse is a well located, first class property. We are very pleased to strengthen and extend our long-term partnership with a world class company like Teconnex at our warehouse in Tureni.\"\n \n \n \n \n \n \n \n \n -Ends-\n \n \n \n \n \n For further information please contact:\n \...