First Property Group PLC on Tuesday said that it has restructured the loan secured against Galeria Corso, in which it is a shareholder.

First Property is a London-based property fund manager and investor. Galeria Corso, which it holds a 29.1% stake in, is a shopping centre in Swinoujscie, Poland.

The property was valued at €25 million as at March 31, against a purchase price of €23.9 million in 2016.

As part of the terms of the loan restructuring, the loan expiry date was extended by seven years and the loan size increased by €600,000. The loan to value ratio is around 50%.

‘To be able to refinance a shopping centre in these difficult markets and secure a cash release is a testimony to the strength of the shopping centre, which has come through lockdowns in very good shape,’ said Chief Executive Officer Ben Habib.

First Property Group shares were trading 3.4% lower at 27.05 pence each in London on Tuesday morning.

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