LONDON (Alliance News) - Globalworth Real Estate Investments Ltd on Friday said it has delivered the Globalworth Tower office building in its first quarter and expects to deliver two further developments in the year, after having seen its EPRA net asset value rise by 12% in 2015.
Globalworth, a real estate investment company focused on the Romanian market, said it completed construction on its flagship Globalworth Tower during the first quarter of 2016 to March 31 and expects to deliver two new development projects during the course of the year, namely its Gara Herastrau project and its Globalworth Campus project, both office buildings.
On delivery, all three developments will add an additional EUR153.0 million of value to Globalworth's portfolio.
Globalworth's EPRA net asset value rose to EUR9.08 per share at December 31, 12% higher than a year earlier, resulting mainly from new acquisitions an the revaluation of development projects, it said.
Globalworth's portfolio value grew 55% to EUR931.1 million at year-end in December, from EUR599.3 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.
Over 2015 it 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's earnings per interest tax, depreciation and amortisation for 2015 came in at EUR66.3 million from EUR23.6 million.
However, Globalworth saw its pretax profit fall to EUR62.5 million from EUR95.7 million, despite revenue rising to EUR44.8 million from EUR22.2 million, as the huge gain it made on acquisition of subsidiaries a year earlier did not repeat.
No dividend was offered for either 2015 of 2014.
"In 2015, Globalworth became the largest owner of Class 'A' office properties in Romania and continued to be one of the leading investors in the country's commercial real estate market. We are proud of the portfolio we have built to date and we will continue to be an active investor where we see we can create value," said Deputy Chief Executive Officer and Chief Investment Officer Dimitris Raptis.
Shares in Globalworth were untraded on Friday, having last traded at EUR5.10.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Globalworth (GWI)