TIDMGWI
RNS Number : 2447O
Globalworth Real Estate Inv Ltd
01 October 2019
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.
1 October 2019
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Intention to Raise Additional Equity
Globalworth, the leading office investor in Central and Eastern
Europe, announces its intention to raise additional equity capital
via a placing of up to approximately 28.5 million new shares to
existing and new investors to take advantage of a strong pipeline
of acquisition opportunities identified by the Company. Any placing
of new shares, which is expected in the near term, is intended to
be priced by reference to recent trading levels and the last
reported EPRA net asset value per share.
Dimitris Raptis, Deputy Chief Executive Officer and Chief
Investment Officer of Globalworth, commented: "We have consistently
demonstrated our ability to secure attractive investments,
primarily by the opportunistic acquisition of assets sourced
through multiple channels. Since our entry into Poland in late
2017, we have acquired nearly EUR1 billion of standing assets in
that market. At the same time, in line with our track record of
delivering over 260k sqm of development completions since 2015, we
have been expanding our development pipeline in Romania with new
projects, both in the Bucharest office market and in the
fast-growing logistics / light industrial sector at other key
locations. We are confident that additional equity capital will
allow us to further enhance our platform and continue our strong
pace of growth in these attractive markets, having established a
solid pipeline of near-term investment opportunities."
Investment Pipeline
The Company continues to evaluate a wide array of investment
opportunities that fit its strategic criteria and sets out below
details of some key investments in its near-term pipeline, all of
which are under exclusivity and at advanced stages of negotiation,
and which it expects would be the primary use of the net proceeds
of any placing.
In Poland, the Company has three transactions under exclusivity,
with one in Warsaw and two in Krakow. These potential investments
comprise five properties, one standing and operating and four at
various stages of development to be acquired upon completion
(expected between Q4-2019 and mid-2021). The expected aggregate
consideration is approximately EUR320 million, to be staggered over
21 months, with approximately 75% falling due in the first six
months (inclusive of forward funding payments). These investments
represent a gross leasable area of 114k sqm and offer an expected
rent of approximately EUR22 million, two-thirds of which is already
leased or pre-let, with a strong tenant profile of multi-national
companies from the financial, banking and IT industries. These
properties would add further critical mass to Globalworth's
presence in Warsaw and Krakow, enabling the Company to maximise
asset management synergies and benefits of scale.
In Romania, the Company has recently added two new joint venture
projects in Constanta and Bucharest to its Globalworth Industrial
portfolio of logistics / light industrial assets, alongside its
pipeline of future office developments in Bucharest and the
expansion of its Timisoara Industrial Park.
In addition to these highlighted investments, the Company
continues to perform detailed due diligence on further investment
opportunities with an aggregate consideration in excess of EUR300
million.
A further announcement providing details of any placing will be
issued in due course.
For further information visit www.globalworth.com or
contact:
Enquiries
Andrew Cox Tel: +44 20 3026 4027
Head of Investor Relations & Corporate Development
Jefferies (Joint Broker)
Tel: +44 20 7029 8000
Stuart Klein
Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20
7886 2500
Alina Vaskina/Justin Gulston
Milbourne (Public Relations) Tel: +44 7903 802545
Tim Draper
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 EUR2.85 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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END
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