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30 September 2015 period-end EPRA Net Asset Value

11 Nov 2015 07:00

RNS Number : 2579F
Globalworth Real Estate Inv Ltd
11 November 2015
 

11 November 2015

Globalworth Real Estate Investments Limited

30 September 2015 period-end EPRA Net Asset Value

Globalworth Real Estate Investments Limited ("Globalworth" or the "Company") is pleased to announce its update for the nine month period ended 30 September 2015 including its unaudited EPRA Net Asset Value.

The unaudited EPRA Net Asset Value as of 30 September 2015 is presented in accordance with the stated intention of the Company to publish its estimated NAV on a quarterly basis.

Key highlights are as follows:

Portfolio Open Market Value ("OMV")1 of € 831.8 million (30 June 2015: €808.8 million) up 2.84% as compared to 30 June 2015, mainly as a result of further capital expenditure incurred in the third quarter of 2015 for the investment properties under development

Loan to Value of 47.5 per cent (30 June 2015: 44.9 per cent) up 2.6 per cent as compared to 30 June 2015

NAV of € 426.4 million (30 June 2015: € 427.3 million) down 0.21% as compared to 30 June 2015

NAV per share of €7.952 (30 June 2015: €7.97) down 0.25% as compared to 30 June 2015

EPRA3 NAV of € 487.1 million (30 June 2015: €487.54 million) down 0.08% as compared to 30 June 2015

EPRA3 NAV per share of €9.08 (30 June 2015: €9.094) down 0.11% as compared to 30 June 2015

Net Operating Income of €20.1 million for 9 months ended 30 September 2015 (30 September 2014: €7.7 million) up 161% as compared to the same period in 2014

Earnings before tax of €39.3 million for 9 months ended 30 September 2015 (30 September 2014: €83.5 million) down 52.9% as compared to the same period in 2014, mainly due to the significant gain on acquisition of subsidiaries in 20145

EBITDA6 of €38.2 million for 9 months ended 30 September 2015 (30 September 2014: €10.0 million) up 282% as compared to similar period in 2014

 

For further information visit www.globalworth.com or contact:

 

Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20 7886 2500

Nicola Marrin

 

Cantor Fitzgerald Europe (Joint Broker) Tel: +44 20 7894 7000

Rick Thompson

David Foreman

 

Milbourne (Public Relations) Tel: +44 20 3540 6458

Tim Draper

 

 

About Globalworth:

Globalworth Real Estate Investments Limited is a real estate investment company founded by real estate investor and developer Ioannis Papalekas currently focused on taking advantage of investment opportunities in Romania. The Company's shares were admitted to trading on AIM in July 2013.

 

The Romanian market offers an attractive real estate investment proposition in the medium-to-long term. Globalworth believes that global investor capital flows will gradually move from markets considered as "safe havens" to more peripheral markets such as Romania in search of higher yielding investments. As a result, Romania should, in due course, become a more attractive destination for a wide investor audience. Globalworth anticipates holding an early mover advantage in and benefitting from this gradual shift in investor sentiment.

__________________________________

1 Portfolio OMV is based on an external valuation at 30 June 2015 plus subsequent capital expenditure which is mainly related to properties under development.

2 The number of ordinary shares used to calculate Net Assets Value "NAV" per share as of 30 September 2015 were 53,645,088 (30 June 2015: 53,645,088).

3 "EPRA" The European Public Real Estate Association is a non-profit association representing Europe's publicly listed property companies.

4 EPRA NAV and EPRA NAV per share as of 30 June 2015 refers to the final figures announced on 16 September 2015 after an adjustment made to the preliminary figure announced on 12 August 2015 following the guidance published by EPRA.

5 The subsidiaries acquired in the 9 month period to 30 September 2014 were part of the Initial Portfolio, which was acquired at a discount from entities controlled by the Founder, as disclosed in the IPO admission document.

6 Calculated as profit before finance cost, depreciation, amortisation of other non-current assets and bargain purchase gain on acquisition of subsidiaries.

Note all numbers in this announcement are unaudited.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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