First Property Group plc reported that it has leased a further 512 m2 or 3.7% of its office building in Gdynia, Poland, to Alfa Forwarding Ltd, a freight company. The new tenant is expected to start paying rent on or around 1 April 2024, following which the net operating loss from the building should narrow to around ?55,000 on an annualised basis. A further 9,980 m2 of office space in the building remains to be leased, equating to around 72% of the total office space in the building.

The Group is currently in negotiations with four prospective tenants over leases covering 1,265 m2 of this space. When fully let it is anticipated that the building should generate net operating income of some ?2.1 million per annum. The building, which spans some 13,900 m2 of net internal area, is located at 21 ul.

Podolska in prime central Gdynia, Poland's second largest seaport after Gdansk. The Port of Gdynia has benefitted from considerable investment in recent years and is currently being enlarged further to enable it to handle Baltimax vessels, with corresponding investment in its road and rail infrastructure.