Acquisition in Poland

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 4808U Globalworth Real Estate Inv Ltd 12 July 2018  \n\nThe 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.\n \n12 July 2018\nGlobalworth Real Estate Investments Limited \n(\"Globalworth\" or the \"Company\")\nAcquisition in Poland \nGlobalworth, the leading office investor in Central and Eastern Europe, is pleased to announce the acquisition of Spektrum Tower in Warsaw by Globalworth Poland (\"GPRE\")1.\nSpektrum Tower is a high-rise office building in the heart of the Warsaw Central Business District with a gross leasable area of 29,500 sqm, annual contracted rental income of c.€6.3 million, occupancy of c.93% and a weighted average lease length of approximately 5 years. The project underwent extensive refurbishment in 2015 when it was converted into a multi-tenanted building, and today hosts over 60 companies.  \nDimitris Raptis, Deputy CEO and Chief Investment Officer of Globalworth, commented: \"Spektrum Tower is another great addition to Globalworth's portfolio, consistent with acquiring assets with asset management and value-add potential. We are delighted to welcome a significant number of new tenants with whom we look forward to developing long-term partnerships. With nearly €350 million of acquisitions completed in the first half of 2018, we have established our position as the largest institutional office investor and landlord in Poland and strengthened our position as the leading office investor in Central and Eastern Europe. We continue to assess attractive opportunities and make progress with our developments in our two main markets, Poland and Romania.\" \nThe total transaction consideration (including repayment of existing debt in the company owning the asset) is €101 million2. This will be funded from GPRE's existing cash resources. This acquisition represents a substantial transaction pursuant to the AIM Rules3.\nWith the acquisition of Spektrum Tower, the combined value4 of the Company's portfolio is now broadly split between Romania and Poland. Following the Company's successful expansion in Poland, the Board considers both Romania and Poland as its primary markets ...

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