Globalworth expands to Poland through a strategic investment

Globalworth Real Estate Investments Ltd., one of the leaders of the office building market in Romania, announces the expansion of its business in Poland after the company has entered into a conditional investment agreement for the acquisition of at least 50.01% and at most 67.9% of the share capital issued by Griffin Premium RE.. NV (GPRE), an investor operating on the Polish real estate market.

GPRE is listed on the Warsaw Stock Exchange and its portfolio is made up of both office buildings and multi-purpose buildings located in key cities such as Warsaw, Wroclaw, Lodz, Krakow and Katowice.

”From the very beginning, we firmly believed that the environment in which we operate is essential to our strategy, investing, attracting new opportunities, and thus facilitating the development of the company. The portfolio and partnerships that we have built up all over the years in Romania give us every reason to believe we can carry on the mission of positioning Globalworth as the main investor in the office industry across the region." said Dimitris Raptis, Deputy CEO and Chief Investment Officer, Globalworth.

”That's why we decided to expand our business in Poland. In view of the strong GPRE experience, size, liquidity, strong fundamentals and market opportunities, we’re sure we can become the partner that companies wanting to expand into the region need.” he added.

The GPRE portfolio comprises six office buildings and three multi-purpose properties (offices and retail). According to the GPRE report for the first half of 2017, the company's portfolio has a gross rentable area of ​​171,000 square meters, with a total value of EUR 508 million, net annual operating income of EUR 33.9 million, a 97.6% occupancy rate and average lease term of 4.5 years (information available on June 30, 2017).

Companies that have rented office spaces in GPRE's office buildings include Infosys, Hewlett-Packard, Capita, Phillips and Deutsche Bank. In retail, some of the most important tenants are LPP Group and Inditex Group.

"We believe the Polish market is still very attractive and we are looking forward to taking another step towards our goal of becoming the main investor in the local office of the institutional offices, with Globalworth's experience and industry knowledge." said Malgorzata Turek, CEO of GPRE.

The Globalworth portfolio was valued on June 30, 2017 at over EUR 1 billion. The company is listed on the AIM stock market in London starting in 2013 and on the stock exchanges in Ireland and Bucharest, where it issued its first Eurobond in 2017.

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