First Property signs new five-year lease at Lubin office asset

10th Oct 2022 12:38

(Sharecast News) - First Property Group has signed a new five-year lease covering around 1,000 square metres, or 9.5% of the gross leasable area, of an office building in Lublin, Poland, it announced on Monday.

The AIM-traded firm said the building is owned by Fprop Opportunities - a fund managed by First Property, and in which it is a 46% shareholder.

It said the new lease commenced on 5 October, with a rent-free period of one month granted, after which the net operating income earned by the property should increase to €1.11m per annum.

The property was now multi-let to 10 tenants, and the vacancy rate had reduced to 16%, with a further 1,670 square metres remaining to be let.

First Property said the building, which spans around 10,500 square metres of gross lettable area, was located in prime central Lublin, in Poland's east.

"This new leasing demonstrates increasing tenant interest for office space in Lublin, and in particular for our building, Zana 39, which is extremely well located and offers tenants good quality and cost-effective space," said the company's head of asset management, Jeremi Slominski.

Reporting by Josh White at Sharecast.com.