Acquisition of Unicredit Headquarters Building

RNS Number : 3673A

Globalworth Real Estate Inv Ltd

22 December 2014

 



Globalworth Real Estate Investments Limited

("Globalworth" or "the Company") (AIM: GWI)

Acquisition of Unicredit Headquarters Building ("Unicredit Building")

Guernsey, 22 December, 2014: Globalworth Real Estate Investments Ltd. (AIM: GWI) ("Globalworth" or "the Company"), the real estate investment company targeting opportunities in Romania, is pleased to announce the acquisition of Unicredit Building, for approximately Euro 43 million. Closing of the acquisition is scheduled for Q1 2015. 

Unicredit Building is a landmark, class-A office property completed in 2012 and entirely leased to Unicredit Tiriac Bank, part of Unicredit Group, on a long term basis.   It is located in in the north part of Bucharest close to Free Press Square and comprises circa 15,500 square meters of gross leasable area over 15 floors above ground.  It has received a BREEAM "VERY GOOD" certification and has been ranked in the top 30 most architecturally impressive bank headquarter buildings worldwide.

Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth Real Estate Investments commented:

"The acquisition of Unicredit Building, one of the most prestigious and iconic office assets in Bucharest, is a further demonstration of Globalworth's track record of acquiring landmark properties let to blue-chip tenants on long term leases.  This transaction consolidates Globalworth's position as the leading investor in the Bucharest office market."

Nestor Nestor Diculescu Kingston Petersen (NNDKP) acted as Globalworth's legal advisor on this transaction.

This transaction, together with the recently announced acquisitions of Green Court Building A and Nusco Tower and Nusco Land, constitute further examples of the Company's ability to secure high quality properties in the Bucharest office market.  The Company continues to benefit from a strong pipeline of attractive near term investment opportunities.  In conjunction with discussions with potential providers of debt financing, and as part of considering its funding alternatives, the Company may seek to raise further equity capital to partially fund one or more of the above acquisitions on closing, and also for other pipeline acquisitions and/or for the development costs on existing projects. A further update will be provided in due course.

For further information visit www.globalworth.com  or contact:  

Panmure Gordon (Nominated Adviser and Joint Broker)              Tel: [phone]

Andrew Potts

Duncan Monteith

Cantor Fitzgerald Europe (Joint Broker)                                                 Tel: [phone]

Rick Thompson

David Foreman

Milbourne (Public Relations)                                                                      Tel: [phone]

Tim Draper

About Globalworth:

Globalworth Real Estate Investments Limited is a real estate investment company founded by real estate investor and developer Ioannis Papalekas currently focused on taking advantage of investment opportunities in Romania. The Company is Guernsey incorporated and has been declared by the Guernsey Financial Services Commission to be a registered closed-ended collective investment scheme. The Company's shares were admitted to trading on AIM in July 2013.

The Romanian market offers an attractive real estate investment proposition in the medium-to-long term. Globalworth believes that global investor capital flows will gradually move from markets considered as "safe havens" to more peripheral markets such as Romania in search of higher yielding investments. As a result, Romania should, in due course, become a more attractive destination for a wide investor audience. Globalworth anticipates holding an early mover advantage in and benefitting from this gradual shift in investor sentiment.

 

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