THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
11 March 2024
Globalworth Real Estate Investments
Limited
("Globalworth" or the "Company")
Sale of part of logistics
portfolio
Globalworth (AIM: GWI), the leading
office investor in Central and Eastern Europe, announces that it
has entered into an agreement for the sale of part of its
wholly-owned logistics portfolio. The buyer is CTP INVEST SPOL
S.R.O , a subsidiary of CTP N.V., one of Europe's largest publicly
traded industrial and logistics property developers.
This disposal represents a substantial transaction
under the AIM Rules.
The wholly-owned logistics portfolio comprises five
logistic / light-industrial parks with ten facilities in Timisoara,
Arad, Oradea and Pitesti as well as a majority stake in two small
business units projects in Bucharest. Its disposal in in line with
the Company's focus on enhancing liquidity, and reflective of the
fact that it is considered a non-core asset of the
Group's portfolio. The profits attributable to the SPVs
owning the logistics portfolio, for the year ended
31 December 2022 were €7.6m excluding gain/loss on investment
property valuation.
The agreement contains a number of
customary conditions, all of which are expected by the Company to
be fulfilled after signing.
The base consideration payable to
Globalworth is €70m, excluding working capital, and following
adjustment for associated secured bank loans of €98.2m and other
customary adjustments. The final consideration is to be determined
depending on the secured loan balance and working capital balance
on the closing date and is to be paid in cash by
the end of May 2024. The sale
proceeds will be used by the Company for general corporate
purposes.
For further information visit
www.globalworth.com or contact:
|
Enquiries
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|
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Rashid Mukhtar
Group CFO
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Tel: +40 732 800 000
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Panmure Gordon (Nominated Adviser
and Broker)
Dominic Morley
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Tel: +44 20 7886 2500
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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 Poland and Romania. Globalworth acquires, develops and
directly manages high-quality office and industrial real estate
assets in prime locations, generating rental income from high
quality tenants from around the globe. Managed by over 250
professionals across Cyprus, Guernsey, Poland and Romania the
combined value of its portfolio is €3.1 billion, as at 30 June
2023. Approximately 96.9% of the portfolio is in income-producing
assets, predominately in the office sector, and leased to a
diversified array of over 700 national and multinational
corporates. In Poland Globalworth is present in Warsaw, Wroclaw,
Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span
Bucharest, Timisoara, Constanta, Pitesti, Arad, Oradea and Targu
Mures.
For more information, please
visit www.globalworth.com and
follow us on Facebook, Instagram and LinkedIn.