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LONDON (Alliance News) - Globalworth Real Estate Investments Ltd said it increased the value of its portfolio over 2015, as it continued to make progress at its development sites and acquired four office buildings.
Globalworth, a real estate investment company focused on the Romanian market, said over 2015 it had completed the acquisition of four office buildings in Bucharest for EUR173.0 million, namely UniCredit HQ, Nusco Tower and two properties in the Green Court complex.
Globalworth said it had also expanded the complex at the TAP logistic/light industrial investment in Timisoara by 9,100 square metres in August, and is looking to expand this further by an extra fourth facility at the site within the next 18 months. This property is the only one in Globalworth's portfolio not in Bucharest.
As such, Globalworth said it has now "concluded all of the major investments set out in our April 2014 equity capital raise".
Globalworth noted work completed at its office building project Globalworth Tower in December, in line with its estimated timeline, and said the site became fully operational at the start of 2016.
The group also pointed to the continued development of its Gara Herastrau project and its Globalworth Campus project, both also office buildings, which are on track to be completed over the next year.
Globalworth's portfolio value grew 55% to EUR931.1 million at year-end in December, from GBP599.3 million a year earlier. This valuation is for standing and operational properties, properties under development and land, and was undertaken by Coldwell Banker Real Estate LLC, the company said.
Its net asset value per share at December 31 grew to EUR7.98 from EUR7.32 a year earlier, and from EUR7.97 on June 30.
Globalworth said it has made a strong start to 2016, with new leases for a total of 31,500 square metres of office and logistics space signed since the beginning of the year. The group said the main leases were with automative manufacturer Valeo for 13,500 square metres, outsourcer ADP for 6,100 square metres and Deutsche Bank for 2,400 square metres.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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