Acquisition of Bucharest One

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 3714W Globalworth Real Estate Inv Ltd 27 December 2013  \n\nGlobalworth Real Estate Investments Limited\nAcquisition of Bucharest One\nGuernsey, 27 December 2013: Globalworth Real Estate Investments Ltd. (AIM: GWI) (\"Globalworth\" or \"the Company\"), the real estate investment company targeting opportunities in Romania and the broader SEE and CEE regions, is pleased to announce the acquisition of Bucharest One, a landmark office development project to be constructed in the Floreasca/Barbu Vacarescu area in the northern part of Bucharest. \nDimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of the Company commented: \"We are delighted to have acquired another of the assets identified in the Initial Portfolio as described in our admission document. The Floreasca/Barbu Vacarescu area is considered to be the fastest growing and most attractive office sub-market in Bucharest. The appeal of the area has resulted in both strong investor and tenant demand and one of the lowest office vacancy rates in Bucharest\".\nBucharest One is expected to comprise 48,732 sqm of Gross Build Area above ground over twenty four floors. One completed, it will be the second tallest building in Bucharest.  The project is located in the northern part of the City and has easy access by public transport and car. On-going improvements to local infrastructure are underway. The project has obtained the necessary permits to commence construction, which is scheduled to start in the first months of 2014, and is expected to be completed within Q3 2015.\nThe acquisition of Bucharest One took place in accordance with the terms and conditions of the Bucharest One Acquisition Agreement and the Founder Subscription Agreement as disclosed in the Company's admission document. As such, part of the transaction consideration has been satisfied through the issue to Bakaso Holdings Limited, a Founder Company (as defined in the admission document) of 3,986,934 shares of no par value (\"Ordinary Shares\") at the placing price of Euro 5 per share.  Application will be made to AIM for these Ordinary Shares to be admitted to trading on AIM with this expected to occur on 2 January 2014. Following the above issue, the total issued share capital of the Company will comprise 20,905,638 Ordinary Shares.\nFor further inform...

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