CEO succession

RNS Number : 7604D

Globalworth Real Estate Inv Ltd

21 October 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

21 October 2022

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

CEO succession

Globalworth, the leading office investor in Central and Eastern Europe, announces that the Board of Globalworth and Dimitris Raptis, have agreed for Mr Raptis to step down from his role as as Chief Executive Officer ("CEO") and as a member of the Board with effect from 31 December 2022, but he will continue to support Globalworth in an advisory role allowing time for a handover period .  Mr Raptis joined the Board of the Company as Deputy CEO and Chief Investment Officer ahead of its IPO on AIM in 2013, later becoming CEO during 2020.    

Dennis Selinas is joining the Company as an executive director with effect from 21 November 2022 and will take over as CEO of Globalworth from 1 January 2023. Mr Selinas is currently managing the real estate portfolio of Argo Capital Management Limited, an AIM-listed fund management company, which consists of €500m of retail assets in South and Eastern European shopping centres and land, including in Romania . Mr Selinas has extensive experience in the financial and property industries of more than twenty years. He has multi-disciplinary expertise (Executive Management, Operational & Financial Restructuring, M&A Advisory, Private Equity, Trading, Derivatives Structuring) in several asset classes (Property, Distressed Debt, Fixed Income, Precious Metals) across varying types of institutions (Listed Property Companies, Private Equity Funds, Investment Banks, Hedge Funds), in several diverse jurisdictions (South Eastern Europe, China, Brazil, Middle East & Western Europe). He started his career trading fixed-income derivatives at the Bank of Montreal and moved to M&A with Lazard London after graduating from London Business School. He has held senior positions at Argo Capital Management and Charlemagne Capital and has been involved in all aspects of property investment, including acquisition, development, portfolio disposals, financing, asset management and restructuring in the retail, office, and residential sectors.

Martin Bartyzal, Chairman, commented:

"On behalf of the Board, I'd like to place on record our thanks and appreciation to Dimitris for his drive and dedication over the last ten years. He has played a key role, especially over the last few challenging years, in steering the Company through to continued resilient performance and in shaping Globalworth's plans for the future. He has also helped to nurture a first-class management team that, under Dennis' future guidance, is now very well placed to take the business forward. On behalf of the Board,  I would like to welcome Dennis to his new role with Globalworth to which he has been appointed following an independent search.  Dennis 'extensive background in CEE property and finance is the right fit for the company and will be vital for strengthening its dominance in the office market."

Dennis Selinas commented:

"I am honoured to assume the role of CEO of Globalworth, the leading office landlord in Central & Eastern Europe.  During the last decade, I have witnessed Globalworth's remarkable portfolio growth of high-quality, functional, and sustainable working spaces chosen by the most demanding tenants. I plan to embrace the Company's vision of continuously upgrading its assets, its operational excellence and enhancing the competitive advantages that make it the preferred landlord in Romania and Poland. In a rapidly shifting macroeconomic and geopolitical environment, I look forward to working with a capable management team that has been instrumental to Globalworth's evolution to its current prominent market position.  All that the team has achieved to date is a solid foundation for further thoughtful growth, innovation in asset management and a continuous improvement of service to our tenants and delivery of value to our shareholders."

Dimitris Raptis commented:

"My tenure with Globalworth has been the greatest accomplishment of my professional career.  Starting from relatively modest beginnings as a real estate developer in Bucharest, Romania, to becoming not only the leading office investor and landlord in Central and Eastern Europe but also one of the most admired, respected, and recognised real estate corporates and brands in the region has been a phenomenal journey full of excitement, challenges at times, and immense professional and personal fulfilment. 

I am grateful to all our clients, customers, advisors and investors for their support over the years. Above all, however, all this could not have been achieved without the invaluable contribution of my team, with many of whom I had the pleasure and privilege to work for a long time.  Forging an amazing group of talented individuals, and leading it for the last three years is what I am mostly proud of. 

I'd like to wish the entire Globalworth community all the very best in the times ahead. I am confident that the business and our management team, having also the strong support of our shareholders, is very well placed to thrive in the times ahead." 

Additional Information

In accordance with the AIM Rules, the following information required to be disclosed in relation to each of the directors is set out below. Other than this information, there is no further information required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules.

Full name and age

Dennis Selinas, aged 54

Current beneficial shareholding in the Company

None

Current directorships

Argo Property Management SRL

Association of Real Estate Investors in Romania (AREI)

Former Directorships (previous five years)

None

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

Enquiries 

Martin Bartyzal                                                                                               Tel:[phone]

Chair

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

Alina Vaskina / Dougie McLeod

About Globalworth / Note to Editors: 

Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Poland and Romania. Globalworth acquires, develops and directly manages high-quality office and industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 240 professionals across Cyprus, Guernsey, Poland and Romania, a combined value of its portfolio is €3.2 billion, as at 30 June 2022. Approximately 96.3% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 660 national and multinational corporates. In Poland Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span Bucharest, Timisoara, Constanta, Pitesti, Arad and Oradea.

IMPORTANT NOTICE: This announcement has been prepared for the purposes of complying with the applicable laws and regulations of the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom. This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and involve predictions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies and the industry in which it operates. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as required by law or regulation, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.

 

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