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First Property Group PLC on Wednesday said it has leased 2,100 square metres of Blue Tower, Warsaw. Shares in the London-based property fund manager and investor were up 4.1% to 24.98 pence each in London on Wednesday morning. First Property said it has leased 2,100 square metres, or 11.6%, of its 17,937 square metres share in Blue Tower, Warsaw. ‘Blue Tower is very well located, opposite Warsaw’s City Hall, adjacent to an underground railway station, a tram interchange, and near Warsaw’s renowned Old Town,’ First Property said. As a result of this new lease, the net operating income should increase by around 25% to €2.0 million per year from €1.6 million per year. The additional income will begin once the space has been fitted out, which is due to be completed by the end of 2023. When fully let Blue Tower should generate a net operating income of €2.9 million per year, First Property noted. ‘This is a significant and noteworthy transaction. Leasing 2,100 square metres of office space in any market is challenging. To do so in this difficult economic period is a testimony to the strength of the Varsovian office market, the building, its location and our leasing team,’ said Chief Executive Officer Ben Habib. ‘There is tenant interest in the space which remains vacant in Blue Tower. We hope to report on further progress in due course.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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