Share purchase by the Group in E and S Estates Ltd

First Property Group PLC

31 July 2023

 

Date:	31 July 2023
On behalf of:	First Property Group plc ("First Property", the "Company" or the "Group")
Embargoed:	Immediate Release

First Property Group plc

Share purchase by the Group in E and S Estates Ltd

First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to report that it has acquired the minority interest (being 23%) in E and S Estates Ltd, a fund managed by the Group, resulting in it now owning 100% of the shares of E and S Estates Ltd in issue. The total consideration paid by the Company amounted to £213,361.27.

E and S Estates Ltd is invested in one supermarket in Praga, a suburb of Warsaw. This property was refinanced following the sale of two other properties owned by E and S Estates Ltd, as announced on 1 March 2023. The property was valued at €3,360,000 as at 31 March 2023.

ENDS

For further information please contact:

First Property Group plc	Tel: [phone]
Ben Habib (Chief Executive Officer) Laura James (Group Finance Director) Jeremy Barkes (Director, Business Development) Jill Aubrey (Director, Compliance & Company Secretary)	[e-mail]
Allenby Capital (NOMAD & Broker)	Tel: + 44 (20) 3328 5656
Nick Naylor (Corporate Finance) Daniel Dearden-Williams (Corporate Finance) Amrit Nahal (Sales and Corporate Broking)

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. 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 twelve 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 comprise six directly held properties in Poland, one in Romania, and non-controlling interests in nine of the twelve funds managed by FPAM.

Quoted on AIM, the Company has offices in London and Warsaw. Around one third of the Company's shares are owned by management, directors and their families. Further information about the Company and its properties can be found at: www.fprop.com. To receive RNS alerts by email please subscribe here.

 

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