Last checked at 4 Nov 2019 07:00
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 information is considered to be in the public domain.
4 November 2019
Globalworth Real Estate Investments Limited
("Globalworth" or the "Company")
Acquisitions in Poland
Globalworth, the leading office investor in Central and Eastern Europe, is pleased to announce it has signed a preliminary sale and purchase agreement with Cavatina Holdings SA to acquire two office developments in Poland, in Warsaw and Krakow, on their completion scheduled for the first quarter of 2020.
Chmielna 89 is a 14-storey office development, situated directly adjacent to the Company's 34k sqm Warta Tower in central Warsaw, and offers 25k sqm across flexible floorplates with external terracing.
Tischnera Office is a flagship office development, located south of the historic centre of Krakow. The 34k sqm building is centred around a 1k sqm internal courtyard and is well-positioned for transport links to the historic centre.
The maximum transaction consideration for the two assets has been set at €185 million, with the final consideration to be determined on their leasing status at completion and after customary deductions. The annual contracted rent of the two assets is expected to be approximately €12 million.
Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth, commented: "These exciting two additions to our portfolio are part of the investment pipeline under exclusivity that we announced alongside our recent €264 million equity raise. Chmielna 89 and Tischnera Office are both new landmark projects and will further strengthen our market-leading position in Poland's two most dynamic cities."
Lukasz Duczkowski, Head of Investments - Globalworth Poland, added: "The execution of this transaction confirms Globalworth's position as the most active office investor in the Polish market year to date with nearly €470 million of transactions completed or secured. These two strikingly designed assets are situated in prime locations and are very complementary to our existing portfolio in Warsaw and Krakow, further consolidating our position as the country's leading office investor and landlord."
The preliminary sale and purchase agreement is subject to various conditions. The final sale and purchase agreement is expected to be executed in the first quarter of 2020, and a further update will be provided in due course.
For further information visit www.globalworth.com or contact:
Enquiries
Andrew Cox Tel: +44 20 3026 4027
Head of Investor Relations & Corporate Development
Jefferies (Joint Broker) Tel: +44 20 7029 8000
Stuart Klein
Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20 7886 2500
Alina Vaskina/Justin Gulston
Milbourne (Public Relations) Tel: +44 7903 802545
Tim Draper
About Globalworth / Note to Editors:
Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 200 professionals across Romania and Poland, the combined value of its portfolio is €2.85 billion, as at 30 June 2019 pro forma for subsequent acquisitions. Over 95% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 685 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara, Constanta and Pitesti, while in Poland its assets span Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice. For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.
IMPORTANT NOTICE: This announcement has been prepared for the purposes of complying with the applicable laws and regulations of the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom. This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and involve predictions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies and the industry in which it operates. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as required by law or regulation, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.