First Property sells property in Romania

First Property Group has agreed to sell one of its three directly held properties in Romania, a logistics warehouse in Ploiesti, for a total consideration of €3.2 million.

The group said the sale would result in a profit before tax of just over €1 million, all of which would be recognised in the current financial year ended 31 March. The group said the purchaser, Aquila Part Prod SRL, was also the current occupier of the property.

The lease to Aquila expires in July 2017. The group said the payment of the consideration was scheduled to be made in quarterly instalments between July 2017 and April 2023.

The group said it would retain legal title to the property until full payment had been received.

At 9:04am: (LON:FPO) First Property Group PLC share price was +1.5p at 48.5p

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