Further Acquisition in Poland

RNS Number : 5674X

Globalworth Real Estate Inv Ltd

20 December 2019

 

20 December 2019

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Further Acquisition in Poland

Globalworth, the leading office investor in Central and Eastern Europe, is pleased to announce it has signed agreements with Podium Investment Poland (the "Seller") to acquire Podium Park in Kraków.

Podium Park comprises three connected 11-storey buildings which will, on completion, have a total leasable area of ​​over 55,000 sqm, and it is one of the few office projects in Poland with BREEAM certificates at the highest possible level - Outstanding.

The first building in Podium Park was completed in Q4 2018 and has c.18,500 sqm of GLA. The second and third buildings, which will add a further 37,000 sqm to the park, are under construction or to be constructed, with completion scheduled for Q4 2020 and Q4 2021, respectively.  The Company has signed a development management agreement with the Seller in relation to the construction and completion of the second and third buildings at Podium Park.  

The maximum transaction consideration for Podium Park has been set at €134 million, with the final consideration to be determined based on the leasing status of the second and third buildings at completion and after customary deductions. The annual contracted rent at Podium Park upon completion of the development is expected to be approximately €9.6 million.

Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth, commented: "Today's announcement of the acquisition of Podium Park, one of the most modern and ecological office projects in Poland, marks the completion of the investment pipeline in Poland which we announced on 1 October as being under exclusivity.  As such, we are continuing to add critical mass to Globalworth's presence in Warsaw and Krakow, which should enable the Company to maximise asset management synergies and benefits of scale." 

Lukasz Duczkowski, Head of Investments - Globalworth Poland, added: "The transaction with Podium Investment provides a very strong end to the year for Globalworth. In 2019, we have acquired five office projects in Poland which are expected to have a combined value of around EUR 590 million once development components of these acquisitions have been completed".

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

Enquiries 

Stamatis Sapkas Deputy Chief Investment Officer	Tel: [phone]
Jefferies (Joint Broker) Stuart Klein	Tel: [phone]
Panmure Gordon (Nominated Adviser and Joint Broker) Alina Vaskina/Justin Gulston	Tel: [phone]
Milbourne (Public Relations) Tim Draper	Tel: [phone]

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. 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 200 professionals across Romania and Poland, the combined value of its portfolio is €2.85 billion, as at 30 June 2019 pro forma for subsequent acquisitions. Over 95% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 685 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara, Constanta 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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