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First Property Group PLC - London-based property fund manager and investor - Signs two new leases for 1,472 squared metres in total at Pilot Tower, Krakow, an office property in which it has an 18% interest via its shareholding in Fprop Krakow Ltd. Says the building is now 73% leased, having lost its main tenant Ringier Axel Springer Podolska in July 2021, during Covid-19 lockdown.
As a result of these two new leases, the net operating income of Pilot Tower should increase by some 44% to €1.3 million per annum from €865,000 per annum.
Chief Executive Officer Ben Habib says: ‘This is a creditable performance in a difficult market. The office vacancy rate in Krakow is 16%.’
Current stock price: 26.00 pence, up 3.2% in London on Thursday
12-month change: down 25%
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