Completion of Acquisition in Poland

RNS Number : 1382S

Globalworth Real Estate Inv Ltd

21 June 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.

21 June 2018

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Completion of Acquisition in Poland

Further to its announcement of 9 May 2018, Globalworth is pleased to announce the closing of the acquisition of Quattro Business Park in Krakow by Globalworth Poland ("GPRE")¹.

Quattro Business Park is a high-quality office complex of 5 buildings offering a gross leasable area of 60,200 sqm and has annual contracted rental income of c.€10.7 million, with occupancy of c.99% and a weighted average lease length of c.3 years. Tenants include Capgemini, Google and Luxoft.

The transaction has been structured as a corporate acquisition², with the purchase price based on a consideration of €139 million, before working capital and other customary adjustments, and has been  funded from 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 position in Poland and Romania.  Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, through which it benefits from a strong rental income profile from high quality tenants from around the globe. Managed by approximately 110 professionals across Romania and Poland, the combined value of its portfolio is approximately €2.0 billion, of which over 90% is in income-producing assets, predominately in the office sector, and leased to some 440 national and multinational corporates from 28 countries and 37 different sectors. In Romania, Globalworth is present in Bucharest, Timisoara and Pitesti, whilst assets in Poland span Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice.  For more information, please refer to http://www.globalworth.com/.

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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1 Globalworth has a 68.4% shareholding in Globalworth Poland Real Estate N.V. ("GPRE")

2 The transaction is the acquisition of 100% of the shares in Blackwyn Investments spółka z ograniczoną odpowiedzialnością (the "Target") from the seller, SOF-10 Quattro NL B.V.  The Target holds the legal title to Quattro Business Park in Krakow.

 

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