First Property leases additional 3.7% of office space in Gdynia Building – October 23, 2023 at 12:28 pm.

(Alliance News) – First Property Group PLC said Monday it has leased an additional 512 square meters, or 3.7%, of its office building in Gdynia, Poland, to shipping company Alfa Forwarding Ltd.

The new tenant is expected to start paying rent on or around April 1, after which the building’s net operating loss is expected to narrow to about €55,000 year-on-year, the London-based fund manager and real estate investor said.

First Property said 9,980 square meters of office space in the building remains to be leased, representing about 72% of the total office space. It is currently in negotiations with four potential tenants for leases covering an area of ​​1,265 square metres.

When fully leased, First Property expects the building to generate approximately €2.1 million per year.

The building has a net internal area of ​​approximately 13,900 square meters in the center of Gdynia, which First Property describes as Poland’s second-largest seaport after Gdańsk.

“The Port of Gdynia has benefited from significant investment in recent years and is currently being expanded to enable it to accommodate Baltimax vessels, with corresponding investments in road and rail infrastructure,” First Property said.

First Property shares were not trading on Monday morning, having last traded at 17.00 pence per share in London around the time of last Friday.

By Greg Rosenfing, Alliance News Reporter

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