Update re subsidiary
30th Apr 2025 16:45
Date: | 30 April 2025 |
On behalf of: | First Property Group plc ("First Property", the "Company" or the "Group") |
Embargoed: | Immediate release |
First Property Group plc
Update re subsidiary
First Property Group plc (AIM: FPO), the property fund manager and investor, announces that its wholly owned subsidiary, Fprop Gdynia Podolska Sp. Zoo ("GDY"), which owns an office building in Gdynia, Poland, has been put into administration by the Group. The Group has made the decision to place GDY in administration following the Company's failure to agree restructuring terms with GDY's principal creditor. The Group stated in its interim results announcement of 21 November 2024 that it was in discussions with GDY's creditor to extend the repayment date for the €12 million deferred consideration but it has been unable to do so. The original repayment date was in June 2024.
The placing of GDY in administration will have no material impact on the Group since the value of its investment in the property is matched to the value of the debt secured against it. The Company operated on a breakeven basis so there is no impact on trading profits.
Further announcements regarding the administration of GDY will be made as appropriate.
The trading statement issued by the Group on 24 April remains unchanged.
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For further information please contact:
First Property Group plc | Tel: +44 (20) 7340 0270 |
Ben Habib (Chief Executive Officer) Laura James (Group Finance Director) Jeremy Barkes (Director, Business Development) Jill Aubrey (Director, Compliance & Company Secretary) |
|
Allenby Capital (NOMAD & Broker) | Tel: + 44 (20) 3328 5656 |
Nick Naylor / Daniel Dearden-Williams (Corporate Finance) Amrit Nahal / Tony Quirke (Sales and Corporate Broking) | |
Notes to Investors and Editors:
First Property Group plc is a 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. Further information about the Company and its properties can be found at: www.fprop.com. To receive RNS alerts by email please subscribe here.