LONDON (Alliance News) - Globalworth Real Estate Investments Ltd Friday said it has signed a short-term holding-level bank debt facility for up to EUR65 million with Swiss bank UBS AG.
The Eastern Europe-focused real estate investment company, targeting opportunities in Romania, said the arrangement of the facility is in line with the company's plans to use debt financing to improve returns on investments.
"The granting of this facility by one of the world's largest financial institutions constitutes a milestone in the development of Globalworth's portfolio," Deputy Chief Executive Officer Dimitris Raptis said in a statement. "This step underscores the management of Globalworth's belief in the future prospects of the company."
The news comes after Globalworth announced on Wednesday that it has had a good year since its admission to AIM in July last year, posting pretax profit of EUR13.7 million for the full year and posting revenues of EUR8.1 million for period ended December 31, 2103.
The company said in the results statement that Romania and the broader SEE and CEE regions should become more attractive destinations for a wide investor audience soon, and the company holds an early mover advantage in these markets.
SEE refers to South-East Europe and CEE to Central and Eastern Europe.
Globalworth shares were down 1.4% to 5.30 pence Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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