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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
First Property Group Plc | LSE:FPO | London | Ordinary Share | GB0004109889 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.00 | 18.50 | 19.50 | 19.00 | 19.00 | 19.00 | 82,466 | 07:34:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 7.25M | 1.92M | 0.0173 | 10.98 | 21.07M |
First Property Group plc (AIM:FPO), the property fund manager and investor, is pleased to announce that it has agreed to sell one of its three directly held properties in Romania, a logistics warehouse in Ploiesti, for a total consideration of some €3.2 million. The sale will result in a profit before tax of just over €1 million, all of which will be recognised in the current financial year ended 31 March.
The purchaser, Aquila Part Prod SRL (“Aquila”), is also the current occupier of the property. The lease to Aquila expires in July 2017.
Payment of the consideration is scheduled to be made in quarterly instalments between July 2017 and April 2023. The Group will retain legal title to the property until full payment has been received. Payments received would be non-refundable in the event of a subsequent default by the purchaser.
Commenting on the sale, Ben Habib, Group Chief Executive, said:
“This is an opportunistic sale to a tenant at the end of its lease and is beneficial for both parties. I am pleased that the Group has realised a profit on cost of just over €1 million, representing a return on investment of some 50%.”
Catalin Ana, General Manager, First Property Asset Management Romania SRL, said:
“The economic outlook for Romania is strong, with further GDP growth forecast in 2017 and momentum building within the commercial property market. As such First Property Group remains committed to growing our presence there, and I look forward to updating the market on our Romanian assets in due course.”
Notes to Investors and Editors:
First Property Group plc is an award winning property fund manager and investor with operations in the United Kingdom and Central Europe. Around one third of the shares in the Company are owned by management and their families.
Its focus is on higher yielding commercial property with sustainable cash flows. The company is flexible and takes an active approach to asset management. Its earnings are derived from:
Listed on AIM the Company has offices in London and Warsaw. Further information about the Company and its products can be found at: www.fprop.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170328005609/en/
First Property Group plcBen Habib (Chief Executive Officer)George Digby (Group Finance Director)Jeremy Barkes (Director, Business Development)Catalin Ana (General Manager for Romania)Tel: +44 (20) 7340 0270www.fprop.cominvestor.relations@fprop.comorArden Partners (NOMAD & Broker)Chris Hardie (Director, Corporate Finance)Ben Cryer (Corporate Finance)Tel: + 44 (20) 7614 5900orRedleaf Communications (PR)Rebecca Sanders-Hewett / Henry Columbine /Susie HudsonTel:+ 44 (20) 7382 4734firstproperty@redleafpr.com
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