First Property Group PLC said it has, along with a group of investors, procured a portfolio of Lidl markets in Romania for EUR10.5 million. The net working income from the portfolio is as of now EUR1.2 million a year, comparing to a net initial yield on the buy of around 11%. First Property said the company would also operate the properties, with fees worth €100,000 up-front and €125,000 per annum.
First Property hopes to create a yearly pretax benefit on the portfolio of around EUR180,000 a year, it said. Ben Habib, First Property’s CEO said that he was extremely satisfied by the venture made by his company and customers in this portfolio of Lidl supermarket stores.
Lidl is a main retailer in Romania with a stated aim to develop its business in the nation and these stores are all located to motivate this purpose, he included. Shares in First Property were untraded early Thursday, having last exchanged at 51.36 pence.