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First Property Group PLC on Monday said it has signed a five-year lease on part of its office building in Lublin, eastern Poland.
‘Due to its location in eastern Poland, it is also benefiting from demand for space from companies with business operations in Eastern Europe, in particular from Ukraine and Belarus,’ First Property explained.
The property is owned by Fprop Opportunities PLC, which is a fund managed by First Property, in which it is a 46% shareholder.
The London-based property fund manager and investor said the new lease covers 1,000 metres squared, around 9.5% of the building's 10,500 square metres in total gross leasable area.
The lease began on October 5, with a rent-free period of one month granted.
After the rent-free period, net operating income earned by the property is expected to increase to €1.1 million per year from €940,000 million per year.
The property is now multi-let to 10 tenants, with 1,670 squared metres of space available to rent.
Head of Asset Management Jeremi Slominski said: ‘This new leasing demonstrates increasing tenant interest for office space in Lublin, and in particular for our building, Zana 39, which is extremely well located and offers tenants good quality and cost-effective space.’
Shares in First Property were down 4.5% to 25.30 pence each in London on Monday afternoon.
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