13:27 15 August 2022
First Property Group acquires a further 32.1% in Blue Tower
Property fund manager First Property Group has acquired a further 32.1% or 7,171 square meters, in Blue Tower, an office building in Warsaw. Following the deal, the company increased its ownership to 80.3%.
The investment value is PLN 40.4 million (£7.2 million), payable in seven installments over a six-year period. The first installment of PLN 6.0 million has been paid, and the remaining payments will be executed until 2028.
First Property Group expects strong occupational demand and office rents in Poland due to an increase in the cost of building and a decline in the construction of new office space in Warsaw.
(WBJ)
