Last checked at 1 Jul 2015 14:33
1 July 2015
Globalworth Real Estate Investments Limited
Quarterly Update and Q1 2015 period-end EPRA Net Asset Value
Globalworth Real Estate Investments Limited ("Globalworth" or the "Company") is pleased to announce its quarterly update for the Q1 2015 period-end including its unaudited EPRA Net Asset Value.
The unaudited EPRA Net Asset Value as of 31 March 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:
• Completed the previously announced acquisitions of Unicredit HQ and Nusco Tower
• Portfolio Open Market Value ("OMV")1 of € 717.1 million (31 December 2014: €599.3 million) up 19.7% as compared to 31 December 2014, mainly as a result of the acquisition of UniCredit HQ (€47.6 million increase) and Nusco Tower (EUR €59.6 million) office buildings.
• Loan to Value of 42.7 per cent (31 December 2014: 34.4 per cent) up 8.3 per cent as compared to 31 December 2014
• NAV of €402.6 million (31 December 2014: € 392.7 million) up 2.5% as compared to 31 December 2014
• NAV per share of €7.502 (31 December 2014: €7.32) up 2.5% as compared to 31 December 2014
• EPRA3 NAV of €448.4 million (31 December 2014: €434.1 million) up 3.3% as compared to 31 December 2014
• EPRA3 NAV per share of €8.36 (31 December 2014: €8.09) up 3.3% as compared to 31 December 2014
• Net Operating Income of €4.7 million (Q1 2014: €0.8 million) up 487% as compared to Q1 2014
• Earnings before tax of €9.5 million (Q1 2014: €69.5 million) down 86.3% as compared to Q1 2014, mainly due to the significant gain on acquisition of subsidiaries in 20144
• EBITDA5 of €2.5 million (Q1 2014: € loss 1.4 million) up 278% as compared to Q1 2014
For further information visit www.globalworth.com or contact:
Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20 7886 2500
Andrew Potts
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 is Guernsey incorporated and has been declared by the Guernsey Financial Services Commission to be a registered closed-ended collective investment scheme. 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.
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1 Portfolio OMV is based on an external valuation at 31 December 2014, plus subsequent capital expenditure during the three month period ended 31 March 2015, mainly related to properties under development. The Unicredit HQ and Nusco Tower properties which were acquired on 31 March 2015 was also valued based on an external valuation as of 31 December 2014.
2 The number of ordinary shares used to calculate Net Assets Value "NAV" per share as of 31 March 2015 were 53,645,088 (31 December 2014: 53,645,088).
3 "EPRA" The European Public Real Estate Association is a non-profit association representing Europe's publicly listed property companies.
4 The subsidiaries acquired in Q1 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.
5 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