Update on Poland

RNS Number : 2076G

Globalworth Real Estate Inv Ltd

28 February 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.

28 February 2018

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Update on Poland

Globalworth is pleased to reference an update made by Griffin Premium RE.. N.V. ("GPRE"), its investment in Poland in which the Company has a 71.7% shareholding.  On 27 February 2018, GPRE announced a number of strategic initiatives following a meeting of GPRE's board of directors, notably:

·     GPRE is being rebranded as Globalworth Poland, and will be renamed as Globalworth Poland Real Estate N.V.

·     GPRE has announced its intention for a capital raise of €400m to fund further expansion in Poland.  Following the purchase of three high-quality office properties for €160m in December 2017 (West Gate in Wroclaw, Tryton Business House in Gdansk and A4 Business Park in Katowice), GPRE is currently in advanced negotiations for further acquisitions with an aggregate consideration of around €300 million.

·     New nominations for GPRE's board of directors have also been made. It is proposed that Mr Norbert Sasse, CEO of Growthpoint Properties (Growthpoint), and Mr George Muchanya, Growthpoint's Head of Corporate Strategy, are appointed to the GPRE board.

These matters will be presented at GPRE's forthcoming Annual Meeting.

Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth, comments: "Globalworth strives to contribute to Poland's leading position in the CEE real estate market. We have chosen the country as the core market for our expansion in CEE due to its size, liquidity, bright economic prospects, and the outstanding potential to invest in a fast-growing office real estate market. Seeing the continuous and increasing flow of foreign direct investment and demand for modern office space in recent years, we believe this is the premier destination for us to develop as the leader of the office market in the region.  We enter Poland with a committed, long-term investment strategy, advancing our ambition to become the first-choice partner for globally acclaimed corporates establishing and expanding their business in this part of Europe."

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 an AIM-listed real estate company active in Central and Eastern Europe.  It has become the leading office investor in the Romanian real estate market and now has established a significant platform in Poland, through a 72% shareholding in Griffin Premium R.E.. N.V. (GPRE), a pure-play Polish real estate platform listed on the Warsaw Stock Exchange.  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 €1.8 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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