Last checked at 2 Mar 2017 07:00
2 March 2017
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Globalworth Real Estate Investments Limited
31 December 2016 year-end EPRA Net Asset Value
Globalworth Real Estate Investments Limited ("Globalworth" or the "Company") is pleased to announce its 31 December 2016 year-end unaudited EPRA Net Asset Value and other key financial metrics.
Key highlights are as follows:
• Portfolio Open Market Value ("OMV")1 of €977.5m, up 5.0% as compared to 31 December 2015 (€931.1m), mainly as a result of the revaluation of Globalworth Tower and Gara Herastrau office properties to their fair values following their completion in 2016 and capital expenditure on investment properties under development.
• Loan to Value of 43.4 per cent, down marginally compared to at 31 December 2015 (43.9 per cent)
• NAV of €715.4m, up 43.2% as compared to 31 December 2015 (€499.7m)
• EPRA2 NAV of €783.8m, up 37.9% compared to 31 December 2015 (€568.3m)
• NAV per share of €7.913, down marginally compared to 31 December 2015 (€7.98)
• The Company in December 2016 successfully completed a €200 million new equity capital raise at €8.0 per share. This transformational transaction was subscribed by Growthpoint Properties Limited ("GRT") and certain funds and/or accounts managed by Oak Hill Advisors (Europe), LLP and its affiliates ("Oak Hill"), and resulted in GRT becoming the largest shareholder in the Company with 26.9%. NAV and EPRA NAV per share were impacted following the Company's latest capital raise, which resulted in the issuance of c.27.1m5 new shares.
• EPRA NAV per share4 of €8.57, down 5.6% as compared to 31 December 2015 (€9.08)
• Net Operating Income of €43.6m for 2016, up 53.5% as compared to 2015 (€28.4m)
• Normalised EBITDA6 from ongoing operating activities of €36.3m for 2016, up 62.4% as compared to 2015 (€22.4m)
For further information visit www.globalworth.com or contact:
Globalworth Real Estate Investments Limited Dimitris Raptis
| Tel: +40 372 800 000 |
Panmure Gordon (Nominated Adviser and Joint Broker) Andrew Potts
| Tel: +44 20 7886 2500
|
Cantor Fitzgerald Europe (Joint Broker) Rick Thompson David Foreman
| Tel: +44 7894 700020 |
Milbourne (Public Relations) Tim Draper | Tel: +44 7903 802545
|
About Globalworth
Globalworth is a real estate investment company active in the SEE and CEE regions with a focus on Romania. The Company is internally managed by c.70 professionals and its portfolio currently comprises 15 high quality real estate investments currently valued at c.€978m, all located in Romania.
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1 Portfolio OMV is based on third party valuations at 31 December 2016.
2 "EPRA" The European Public Real Association Estate is a non-profit association representing Europe's publicly listed property companies.
3 The number of ordinary shares used to calculate Net Assets Value "NAV" per share as of 31 December 2016 were 90,396,948 (31 December 2015: 62,616,691). If the 1,072,962 shares that will be issued during 2017 is taken into account (see footnote 5 below), the diluted NAV per share at 31 December 2016 would amount to €7.82 per share.
4 The number of ordinary shares used to calculate the EPRA Net Assets Value "EPRA NAV" per share as of 31 December 2016 were 91,469,910 (31 December 2015: 62,616,691).
5 The amount of new shares resulting from the December 2016 equity raise of 27,145,923 includes 1,072,962 shares that will be issued during 2017.
6 Calculated as profit before finance cost, depreciation, amortisation of other non-current assets, gain on acquisition of subsidiaries, fair value gain on investment property, and other non-operational and / or non-recurring income and expense items.
Note all numbers in this announcement are unaudited.