Globalworth Real Estate Inv Ltd Q1 EPRA Net Asset Value (5608J)
29 June 2017 - 5:44PM
UK Regulatory
TIDMGWI
RNS Number : 5608J
Globalworth Real Estate Inv Ltd
29 June 2017
Globalworth Real Estate Investments Limited
31 March 2017 period-end EPRA Net Asset Value
Globalworth Real Estate Investments Limited ("Globalworth" or
the "Company") is pleased to announce its update for the three
month period ended 31 March 2017 including its unaudited EPRA Net
Asset Value.
The unaudited EPRA Net Asset Value as of 31 March 2017 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 EUR983.3 million
(31 December 2016: EUR977.5 million) up 0.59% as compared to 31
December 2016, mainly as a result of further capital expenditure
incurred in the first quarter of 2017 for the investment properties
under development (Globalworth Campus and TAP)
-- Gross Loan to Value of 42.5 per cent (31 December 2016: 43.4
per cent) down 0.9 per cent as compared to 31 December 2016
-- Net Loan to Value of 21.7 per cent (31 December 2016: 20.7
per cent) down 1 per cent as compared to 31 December 2016
-- NAV of EUR715.7 million (31 December 2016: EUR715.4 million)
and NAV per share of EUR7.92(2) (31 December 2016: EUR7.91) both up
marginally as compared to 31 December 2016
-- EPRA(3) NAV of EUR784.4 million (31 December 2016: EUR783.8
million) and EPRA(4) NAV per share of EUR8.58 (31 December 2016:
EUR8.57) both up marginally as compared to 31 December 2016
-- Net Operating Income of EUR10.7 million for the three months
ended 31 March 2017 (31 March 2016: EUR6.5 million) up 65% as
compared to the same period in 2016
-- Normalised EBITDA(5) from ongoing operating activities of
EUR9.0 million for the three months ended 31 March 2017 (31 March
2016: EUR7.3 million) up 23% as compared to the same period in
2016
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 7000
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 prime focus on Romania. The Company is
internally managed by c.70 professionals and its portfolio
comprises high quality real estate investments valued at c.Euro 983
million at 31 March 2017, all located in Romania.
______________________
(1) Portfolio OMV is based on appraised valuations performed by
Coldwell Banker as of 31 December 2016, adjusted for value
accretive capex invested during the 3 month period ended 31 March
2017, less disposals during the 3 month period ended 31 March 2017.
No revaluations were undertaken as at 31 March 2017.
(2) The number of ordinary shares used to calculate Net Assets
Value "NAV" per share as of 31 March 2017 were 90,396,948 (31
December 2016: 90,396,948). If the 1,072,962 shares that will be
issued during 2017 is taken into account, the diluted NAV per share
at 31 March 2017 would amount to EUR7.82 per share (31 December
2016: EUR7.82 per share).
(3) "EPRA" The European Public Real Association Estate is a
non-profit association representing Europe's publicly listed
property companies.
(4) The number of ordinary shares used to calculate the EPRA Net
Assets Value "EPRA NAV" per share as of 31 March 2017 were
91,469,910 (31 December 2016: 91,469,910).
(5) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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