Completion of Acquisition in Poland

RNS Number : 1406L

Globalworth Real Estate Inv Ltd

20 December 2018

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.

20 December 2018

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Completion of Acquisition in Poland

Further to its announcement of 31 October 2018, Globalworth is pleased to announce the closing of the acquisition of two high quality office buildings in Warsaw by Globalworth Poland ("GPRE").

Skylight and Lumen are located above the Złote Tarasy Shopping Centre in the heart of the Warsaw Central Business District, benefiting from excellent connectivity to the city's main train station, other means of public transport and the amenities of an established and well-recognised mixed-use complex. The buildings were completed in 2007 and offer a gross leasable area of 45,500 sqm over 18 and 8 storeys respectively.  With a current occupancy of approximately 89%, the properties have a contracted rental income of c.€11.5 million and a weighted average lease length of nearly four years. The properties are multi-tenanted, with a range of tenants including Pernod Ricard, Mars, PGE Energia Ciepła, InOffice, Regus and Cushman & Wakefield.   

The total transaction consideration has been set at €190 million, before working capital and other customary adjustments, and has been funded from GPRE's existing cash resources.

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

Enquiries

Andrew Cox                                                                                                                     Tel: [phone]

Head of Investor Relations & Corporate Development  

Jefferies (Joint Broker)                                                                                               Tel: [phone]

Stuart Klein

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

Andrew Potts

Milbourne (Public Relations)                                                                                   Tel: [phone]

Tim Draper

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 Romania and in Poland, where the Company has a majority shareholding in Globalworth Poland, a pure-play Polish real estate platform listed on the Warsaw Stock Exchange.  Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 170 professionals across Romania and Poland, the combined value of its portfolio is nearly €2.5 billion, as at 30 June 2018, proforma for H2-18 acquisitions. Over 90% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 510 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara and Pitesti, while in Poland its assets span Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice. For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.

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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