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First Property Group PLC on Friday has signed leases at its Gdynia, Poland-based office.
The property fund manager and investor signed leases covering 2,691 square metres, or 20% of the net internal area, of its Gdynia office building. The carried value of this building is €16 million following a write-down in March last year due to it becoming 98% vacant as a result of Covid restrictions.
Property Fund anticipates the building to yield €2.5 million per year in rent and service charge when fully let.
The company said that currently the rent and service charge payable by tenants totals around €500,000 per year. This equates to about half the cost of operating the building.
First Property said that the principal tenant is the District Court, covering 15% of the net internal area, and it expects the court to attract other legal advisers and practitioners to rent space in the building.
Shares in First Property were down 1.5% at 32.0 pence in London on Friday.
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