LONDON, UK: First Property Group (AIM: FPO), the property fund manager and investor, has sold two supermarkets in Poland for €6.20 million on behalf of funds managed by the Group and in which the Group has an 88.5% interest.
The sales price represents a gain of some €850,000 or 16% against their aggregate book value of €5.35 million, and a gain of some €130,000 against their aggregate market valuation of €6.07 million as at 31 March 2022.
The pre-tax profit earned on these disposals, after deducting sales costs, amounts to some €780,000 (£670,000). The cash released following the repayment of the bank loan secured against them amounts to some €2.59 million (£2.24 million) and will be held for reinvestment.
Commenting on the sale, Ben Habib, Chief Executive of First Property Group, said: “I am pleased by the disposal of these supermarket assets in a difficult market environment. The cash released further strengthens the Group’s finances. It is intended that this cash will be reinvested in due course.”
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.