By Josh White
Date: Wednesday 01 Mar 2023
LONDON (ShareCast) - (Sharecast News) - Property fund manager and investor First Property announced on Wednesday that its subsidiary E and S Estates has secured a loan of €1.7m.
The AIM-traded firm said the loan was secured against a supermarket located in Praga, a suburb of Warsaw, valued at €3.36m.
First Property Group owns 88.5% of the shares in E and S Estates.
The company said the loan-to-value ratio was around 50%, with the forecast net income from the property expected to be €0.16m per annum after deducting the interest costs of the loan.
That equates to a rate of return on equity invested of around 9% per annum, based on the property's appraised value.
"Group cash following this refinancing and following the sale by E and S Estates of two properties, as announced on 7 December, amounts to some £8.5m," the board said in its statement.
At 1308 GMT, shares in First Property Group were down 4.38% at 24p.
Reporting by Josh White for Sharecast.com.
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Currency | UK Pounds |
Share Price | 19.00p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 28.00 |
52 Week Low | 15.50 |
Volume | 116 |
Shares Issued | 110.88m |
Market Cap | £21.07m |
RiskGrade | 151 |
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Latest | Previous | |
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2nd Interim | Interim | |
Ex-Div | 16-Mar-23 | 08-Dec-22 |
Paid | 05-Apr-23 | 30-Dec-22 |
Amount | 0.25p | 0.25p |
Time | Volume / Share Price |
14:32 | 116 @ 18.60p |
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