Management Change

RNS Number : 7739I

Globalworth Real Estate Inv Ltd

16 December 2020

 

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.

16 December 2020

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Management Change

The Company announces that it has been agreed with Mr Ioannis Papalekas, the Company's CEO, that he will leave the Company with effect from 15 December 2020. Mr Dimitris Raptis will assume sole charge of CEO responsibilities, which he has for the past eight months shared with Mr Papalekas as Co-CEO.

Mr Raptis will lead the Company's excellent management team of seasoned professionals many of whom have grown within the organisation and have been largely responsible both for the success achieved so far as well as for how well the Company has fared during the last several turbulent months. 

As part of the agreement with Mr Papalekas for his departure, the relationship agreement between him and the Company has been terminated [1] and a new, one-year, non-compete agreement in relation to Poland and Romania real estate investments has been entered into on substantially the same terms and conditions as the relationship agreement.

Mr Geoff Miller, Chair of the Board, commented : "On behalf of the Board, I would like to thank Ioannis for his immense contribution and unwavering commitment to Globalworth since its inception and for his central role in creating the successful business that exists today. The Board looks forward with confidence as Dimitris steps into the sole CEO role in these challenging times."

Mr Dimitris Raptis, CEO, commented: "I am delighted to take on the sole CEO role and look forward to cementing Globalworth's market leading position.

I have worked alongside Ioannis since Globalworth's creation in 2012. He has been the visionary leader and driving force behind Globalworth's outstanding success and transformation from a small Romania-focused office developer into the largest office investor and landlord in the wider CEE region. The values of respect, commitment, drive to excel, client-centric focus and giving back to the wider community which he has instilled at the outset will continue to be the pillars of Globalworth's culture and strategy.

I would also like to add my personal thanks to Ioannis for his friendship, counsel and trust over the years and wish him all the very best for the future.

I am very confident that we will address the challenges that may lie ahead in 2021 and beyond and achieve new levels of success."

Mr Ioannis Papalekas commented: " Founding and leading Globalworth has been my life's work and greatest professional achievement. It has been challenging but at the same time very fulfilling, professionally and personally. I'm really proud that after so many years of hard work together we have created a pioneering real estate player in the region, ready for the next stage of its development. I am also grateful to the entire Globalworth community for its tremendous support and commitment, without which such an achievement would not have been possible. I'm convinced that Dimitris, with whom we started the Globalworth journey together, is the right person to drive the Company's future growth and success."

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

Enquiries

Geoff Miller Chairman	Tel: [phone]
Jefferies (Joint Broker) Stuart Klein	Tel: [phone]
Panmure Gordon (Nominated Adviser and Joint Broker) Alina Vaskina / Joanna Langley	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 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 200 professionals across Cyprus, Guernsey, Poland and Romania, a combined value of its portfolio is €3.0 billion, as at 30 June 2020. Approximately 94.4% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of c.700 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 and Pitesti. 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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[1] Further details of the relationship agreement can be found in the regulatory announcement of 1 December 2016.

 

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