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FPO First Property Group Plc

18.90
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
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% 18.90 18.80 19.00 18.90 18.90 18.90 0.00 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 7.25M 1.92M 0.0173 10.92 20.96M

First Property Group PLC Correction: New investment in Cluj-Napoca Romania (0620T)

29/06/2018 10:41am

UK Regulatory


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RNS Number : 0620T

First Property Group PLC

29 June 2018

The following amendment has been made to the 'New Investment in Cluj-Napoca, Romania' Announcement released on 29 June 2018 under RNS Number 9882S.

The net operating income being generated by the property is around EUR875,000 per annum (not EUR875,000 million).

 
 Date:           29 June 2018 
 On behalf of:   First Property Group plc ("First Property", 
                  "the Company" or the "Group") 
 Embargoed:      0700hrs 
 

First Property Group plc

New investment in Cluj-Napoca, Romania

First Property Group plc (AIM: FPO), the property fund manager and investor, announces that it has, in conjunction with a club of investors, acquired The Maestro office building on 21 Decembrie 1989

Boulevard, in Cluj-Napoca, Romania. Cluj-Napoca is the capital of Transylvania and has a population of some 320,000. A further 100,000 live in the wider metropolitan area. It also has 11 universities and a student population of over 100,000.

The net operating income being generated by the property is around EUR875,000 per annum and the property was acquired at a yield on purchase costs of some 9.4% per annum. The weighted average unexpired lease term is approximately 3 years.

The investment was funded by a combination of equity and bank debt. The equity component amounted to just over EUR3 million, of which the Group invested circa EUR510,000, pari passu with other investors.

The forecast annual pre-tax profit from the investment is EUR550,000 per annum, of which the Group's share after tax would be EUR85,000 per annum, which would equate to a post-tax rate of return on equity of 16% per annum.

In addition the Group will earn an acquisition fee of EUR89,000 and ongoing management fees of some EUR111,000 per annum.

The cash position of the Group following this investment amounts to GBP12.8 million.

Commenting on the new investment, Ben Habib, Group Chief Executive, said:

"I am very pleased by the investment made by our clients and ourselves in this well located office building in the centre of Cluj-Napoca. Cluj-Napoca is a fast growing city which is supportive for both rents and capital values."

-Ends-

For further information please contact:

 
 First Property Group plc                 Tel: +44 (20) 7340 
                                           0270 
 Ben Habib (Chief Executive Officer)      www.fprop.com 
  George Digby (Group Finance Director)    investor.relations@fprop.com 
  Jeremy Barkes (Director, Business 
  Development) 
 
 Arden Partners (NOMAD & Broker)          Tel: +44 (20) 7614 
                                           5900 
 Chris Hardie (Director, Corporate 
  Finance) 
  Ben Cryer (Corporate Finance) 
 
 Redleaf Communications (PR)              Tel: +44 (20) 3757 
                                           6865 
 Robin Tozer / Lizzie Cowell              firstproperty@redleafpr.com 
 

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:

-- Fund management - via its FCA regulated and AIFMD approved subsidiary, First Property Asset Management Ltd (FPAM), which earns fees from investing for third parties in property. FPAM currently manages eleven funds which are invested across the United Kingdom, Poland and Romania.

-- Group Properties - principal investments by the Group to earn a return on its own capital, usually in partnership with third parties. Investments include ten directly held properties in Poland and Romania (including five held by Fprop Opportunities plc [FOP], in which the Group is currently the majority shareholder), and interests in nine other funds managed by FPAM.

Listed on AIM the Company has offices in London, Warsaw and Bucharest. Further information about the Company and its products can be found at: www.fprop.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

June 29, 2018 05:41 ET (09:41 GMT)

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