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First Property Group PLC - London-based property fund manager and investor - Completes the sale of the warehouse it owned in Tureni, Romania, for €3.6 million. Says the sale price represents a profit on disposal of about €1.2 million, the property having been acquired for €2.0 million in 2014. ‘This profit has been struck after the deduction of costs associated with the sale, capital expenditure incurred on the property during the period of ownership and remaining fitout costs contractually due to be incurred in respect of the property,’ First Property notes.
Chief Executive Ben Habib says the profit on sale is ‘an excellent result’.
The sale should release about €706,000 in cash to First Property after the repayment of €2.5 million in bank debt secured against the property, it says.
Current stock price: 29.99 pence, up 3.4% in London on Monday
12-month change: down 5.5%
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