Globalworth announced investment plans for Romania and financial results
Source: Dimistris Raptis, Globalworth Chief Investment Officer

Globalworth Real Estate Investments Limited, announced the intention to acquire five office buildings in Romania and Poland (through GPRE), development projects on the land owned in Bucharest and Timisoara and the intention to develop new projects in Bucharest and Warsaw (through GPRE).

“As the Romanian economy continues to grow strongly, we are thrilled to announce the continuation of a growth pace in line with our goals. Our portfolio grew in this quarter by including Green Court Building C in the new Central Business District in Bucharest and the completion of the first Globalworth Campus tower, where we are delighted to have Amazon's principal tenant. In addition to the strategic investment recently announced in Poland, we are looking at a number of attractive investment opportunities, all from our mission, to strengthen our position amongst the leading Central and Eastern European office owners. In addition, in order to take advantage of all these opportunities, we have recently announced the intention of attracting a new capital increase, "said Dimitris Raptis, Deputy Chief Executive Officer and Globalworth Chief Investment Officer.

The company's results as at 30 September 2017 are: the market value of the portfolio, of EUR 1,088.6 million, increased by 4.1% compared to June 30, 2017, when it stood at EUR 1,045.4 million. The increase was mainly driven by the acquisition of the Green Court Building C building in August 2017 and the first quarter investment for developing properties (Globalworth Campus and TAP), the light industry complex in Timisoara. The Net Asset Value was EUR 764.7 million compared to EUR 759.8 million at 30 June 2017, and net asset value / share increased to EUR 8.36 against EUR EUR 8.30 on 30 June 2017.

EBITDA (Normalized EBITDA) from ongoing operational activities was EUR 29.5 million for the nine months ended September 30, 2017, up 3.5% over the same period in 2016 when its value was EUR 28,5 million.

Regarding the five office properties that the company plans to acquire, three of them are located in Romania and offer a leasable area of ​​approximately 100,000 sqm, and the other two in Poland, offering a 60,000 sq m leasable area. The investment amounts to a total of approximately EUR 410 million.

Globalworth is also preparing new development projects in Bucharest, on the Luteran street, owned by the company since 2014, where an office complex will be developed by 2020, and in Timisoara by expanding the TAP light industry park , through the second phase of the project, which is scheduled for completion in the period 2018-2020. In addition, the company plans to develop two new projects in Bucharest and Warsaw (through GPRE). The four projects have the potential to provide a total rentable area of ​​over 250,000 square meters between 2018 and 2022.

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