Update on Investment in Poland

RNS Number : 6053U

Globalworth Real Estate Inv Ltd

25 October 2017

 

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Update on Investment in Poland

On 4 October 2017, the Board of Globalworth announced ("Announcement") that its subsidiary Globalworth Asset Managers SRL ("GAM") had entered into a conditional investment agreement to acquire a minimum of 50.01% and up to 67.90% of the issued share capital of Griffin Premium RE.. N.V. ("GPRE"), a Dutch entity listed on the Warsaw Stock Exchange, to be effected by way of the Tender Offer (the "Investment").

The Board of Globalworth is pleased to announce that on 24 October 2017 GAM received a position letter from the Polish regulator, the Office for Competition and Consumer Protection, stating that GAM's investment in GPRE is not subject to antitrust approval in Poland. Antitrust clearance represented a condition to the Investment and GAM therefore deems the above condition to be satisfied now. The Company currently expects all remaining conditions to be satisfied, the Tender Offer to be closed and completion of the Investment, on or around 6 December 2017.

Terms which are not otherwise defined in this announcement have the meanings given to them in the Announcement.

A full copy of the Announcement can be found here:

www.globalworth.com/investor-relations/key-corporate-documents.aspx

The Board of Globalworth will continue to keep shareholders updated as appropriate.

Enquiries:

Andrew Cox                                                                                                                        Tel: [phone]

Head of Investor Relations & Corporate Development  

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

Andrew Potts

Jefferies (Joint Broker)                                                                                                     Tel: [phone]

Stuart Klein

Milbourne (Public Relations)                                                                                         Tel: [phone]

Tim Draper

About Globalworth

Globalworth is a real estate investment company active in Central and Eastern Europe, and has become the leading office investor in the Romanian real estate market.  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.  With approximately 70 professionals managing it, Globalworth's portfolio, as at 30 June 2017, was valued in excess of €1bn, of which 90% is in income-producing assets and over 80% in the office sector. Globalworth has a strong and supportive investor base, having been listed on the AIM Market of London Stock Exchange since 2013 and in 2017 issued its debut Eurobond on the Irish and Bucharest stock exchanges. 

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.

 

END

 

 

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