Last checked at 
(Alliance News) - Globalworth Real Estate Investments Ltd said Tuesday it plans to raise funds through a placing, with the proceeds to go towards opportunities in its investment pipeline.
The Central and Eastern Europe-focused office property investor will place up to 28.5 million shares, at a price to be determined by reference to recent trading levels and its last reported EPRA net asset value per share.
As at June 30, Globalworth's EPRA net asset value was EUR9.05 per share. Should the placing be conducted at this price, the company would raise up to EUR257.9 million.
Shares in Globalworth Real Estate were down 1.0% at EUR9.60 on Tuesday in London.
The company said it currently has three transactions under exclusivity in Poland, comprising five properties expected to cost EUR320 million in aggregate.
In addition, Globalworth has recently added two new joint venture projects in Constanta and Bucharest, Romania to its industrial portfolio. This is in addition to its pipeline of office developments in Bucharest.
"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 260,000 square metres 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 sector at other key locations," said said Deputy Chief Executive Dimitris Raptis.
"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," Raptis added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.