Quarterly Update for H1 2015

RNS Number : 8453V

Globalworth Real Estate Inv Ltd

12 August 2015

 



12 August 2015

Globalworth Real Estate Investments Limited

Quarterly Update and H1 2015 period-end EPRA Net Asset Value

Globalworth Real Estate Investments Limited ("Globalworth" or the "Company") is pleased to announce its quarterly update for the H1 2015 period-end including its unaudited EPRA Net Asset Value.

The unaudited EPRA Net Asset Value as of 30 June 2015 is presented in accordance with the stated intention of the Company to publish its estimated NAV on a quarterly basis.

Key highlights are as follows:

•          Completed the previously announced acquisition of Green Court Building A

•          Portfolio Open Market Value ("OMV")¹ of € 808.8 million (31 March 2015:  €717.1 million) up 12.7% as compared to 31 March 2015, partly as a result of the acquisition of Green Court Building A, a Class "A" office building with 19,500 sqm leasable area (€47.6 million valuation increase), and partly due to a valuation uplift from the 31 December 2014 portfolio values, used as the basis of the  31 March 2015 portfolio OMV

•          Loan to Value of 44.9 per cent (31 March 2015: 42.7 per cent) up 2.2 per cent as compared to 31 March 2015

•          Net Asset Value ("NAV")of € 427.3 million (31 March 2014: € 402.6 million) up 6.1% as compared to 31 March 2015

•          NAV per share of €7.97² (31 December 2014: €7.50) up 6.2% as compared to 31 March 2015

•          EPRA³ NAV of € 483.6 million (31 March 2015: €448.4 million) up 7.8% as compared to 31 March 2015

•          EPRA³ NAV per share of €9.01 (31 March 2015: €8.36) up 7.8% as compared to 31 March 2015

•          Net operating income of €11.8 million (H1 2014: €3.9 million) up 203% as compared to H1 2014

•          Earnings before tax of €39.7 million (H1 2014: €76.7 million) down 48.2% as compared to H1 2014, mainly due to the significant gain on acquisition of subsidiaries in H1 2014⁴

•          EBITDA⁵ of €31.5 million (H1 2014: €8.6 million) up 266% as compared to H1 2014

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

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

Andrew Potts

Cantor Fitzgerald Europe (Joint Broker)                                           Tel: [phone]

Rick Thompson

David Foreman

Milbourne (Public Relations)                                                             Tel: [phone]

Tim Draper

About Globalworth:

Globalworth Real Estate Investments Limited is a real estate investment company founded by real estate investor and developer Ioannis Papalekas currently focused on taking advantage of investment opportunities in Romania. The Company is Guernsey incorporated and has been declared by the Guernsey Financial Services Commission to be a registered closed-ended collective investment scheme. The Company's shares were admitted to trading on AIM in July 2013.

The Romanian market offers an attractive real estate investment proposition in the medium-to-long term. Globalworth believes that global investor capital flows will gradually move from markets considered as "safe havens" to more peripheral markets such as Romania in search of higher yielding investments. As a result, Romania should, in due course, become a more attractive destination for a wide investor audience. Globalworth anticipates holding an early mover advantage in and benefitting from this gradual shift in investor sentiment.

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¹ Portfolio OMV is based on an external valuation at 30 June 2015. The Green Court Building A property which was acquired on 30 June 2015 was also valued based on an external valuation as of 30 June 2015.

² The number of ordinary shares used to calculate NAV per share as of 30 June 2015 was 53,645,088 (31 March 2015: 53,645,088).

³ "EPRA" The European Public Real Estate Association is a non-profit association representing Europe's publicly listed property companies.

⁴ The subsidiaries acquired in H1 2014 were part of the Initial Portfolio, which was acquired at a discount from entities controlled by the Founder, as disclosed in the IPO admission document.

⁵ "EBITDA" is calculated as profit before finance cost, depreciation, amortisation of other non-current assets and purchase gain on acquisition of subsidiaries.

Note all numbers in this announcement are unaudited.

 

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