Forward purchase of warehouse

RNS Number : 1575E

First Property Group PLC

24 September 2008

 



Date:                           24 September 2008

On behalf of:               First Property Group plc ('First Property' or the 'Company')

For Immediate Release

First Property Group plc

Forward purchase of a warehouse in Radomsko, Poland 

First Property Group plc (AIM: FPO), the AIM-listed property fund management group, today announces that it has signed, on behalf of the fund it manages for the Universities Superannuation Scheme ('USS'), a forward commitment to purchase a warehouse in Radomsko, Poland, 

comprising a gross internal area of 48,000 sq m. 

The property has been pre-let to Indesit, Europe's second largest manufacturer and supplier of kitchen appliances. The lease agreement is on a full repairing and insuring basis for a period of fifteen years and subject to annual increases in rent linked to CPI.

The warehouse, which is currently under construction, is located in a Special Economic Zone ('SEZ'), 90 kilometers from Lodz, Poland's third largest city. The warehouse is due to be completed during the second quarter of 2009.

Commenting on the agreement, Ben Habib, Chief Executive of First Property Group said:

'This property will be a striking new warehouse servicing Indesit's adjacent production facility. The warehouse, which is situated some 90 kilometers from Lodz, provides Indesit with a central location in Poland, from which to distribute its products nationwide.

'We look forward to the opening of the development which is due for completion in the second quarter of 2009.'

- Ends -

Enquiries to:

Ben Habib, Chief Executive	www.fprop.com
First Property Group plc	Tel: [phone]

Chris Hardie, Corporate Finance Director	[e-mail]
Arden Partners	Tel: [phone]

Emma Kane / Adam Leviton / Kathryn Hurford	[e-mail]
Redleaf Communications Ltd	Tel: [phone]

Notes to Editors:

• First Property Group plc was established in March 2000 by Chief Executive Ben Habib, to provide a number of property services which include property fund management, property transaction underwriting and trading, and facilities management. 

• The Company listed its shares on the Alternative Investment Market (AIM) in December 2000 with a view to fuelling further growth.

• First Property Group plc is an integrated property services group which consists of the following core services:
  

  -Property fund management - established in August 2002 and provided by a wholly owned subsidiary, First Property Asset Management Ltd (FPAM), now with operations in the UK, Central and Eastern Europe;

  -Property transaction underwriting and trading - established in August 2001 also provided by FPAM, now with operations in the UK, Central and Eastern Europe;

-Facilities Management - acquired 60% of First Property Services Ltd in February 2006, with operations in the UK and clients including: Credit Suisse, Canary Wharf, the BBC, Coutts Bank and Exxon Mobil.

• Further information about the company and its products can be found at: www.fprop.com

 

END

 

 

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