First Property Group has agreed to sell one of its three directly held properties in Romania, a logistics warehouse in Ploiesti, for €3.2 million. The purchaser, Aquila Part Prod SRL is also the current occupier of the property.
The lease to Aquila expires in July 2017. Payment of the consideration is scheduled to be made in quarterly instalments between July 2017 and April 2023. The Group will retain legal title to the property until full payment has been received.
Commenting on the sale, Ben Habib, Group Chief Executive, said: “This is an opportunistic sale to a tenant at the end of its lease and is beneficial for both parties. I am pleased that the Group has realised a profit on cost of just over €1 million, representing a return on investment of some 50%.”
