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 gross sales price represents a gain of some €850,000 or 16% against their aggregate book worth 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 revenue earned on these disposals, after deducting gross sales costs, quantities to some €780,000 (£670,000). The money launched following the repayment of the financial institution mortgage secured against them quantities to some €2.59 million (£2.24 million) and can be held for reinvestment.
Commenting on the sale, Ben Habib, Chief Executive of First Property Group, said: “I am happy by the disposal of those grocery store assets in a difficult market environment. The money launched additional strengthens the Group’s finances. It is meant that this money will be reinvested in due course.”
First Property Group plc is an award-winning property fund supervisor and investor with operations within the UK and Central Europe. Its focus is on higher yielding commercial property with sustainable money flows.