Business Update

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 1567G Globalworth Real Estate Inv Ltd 28 February 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 \n28 February 2018\nGlobalworth Real Estate Investments Limited \n(\"Globalworth\" or the \"Company\")\nBusiness Update \nGlobalworth is pleased to publish a brief update for its operations, along with the publication of its Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position for the year ended 31 December 2017. \nThe Company's audited 2017 Annual Report and Financial Statements for the year ended 31 December 2017 will be published in early March 2018.\nKey Highlights:\n·    Completion of our strategic investment in Griffin Premium RE.. N.V. (\"GPRE\") resulting in a shareholding of 71.66% in December 2017. GPRE has now been fully consolidated into Globalworth's financial statements for the year ended 31 December 2017.  \n·    As at 31 December 2017, Globalworth's combined real estate portfolio1 was valued at €1,815.4 million. Total contracted rental income for the combined portfolio stood at €115.9 million, including pre-leases on developments, an increase of 134% compared to 31 December 2016.  The weighted average lease length is 5.7 years2.\n·    The combined standing portfolio was valued at €1,710.3 million, representing a total gross leasable area of 791.0k sqm.\n·    Total average occupancy of the commercial standing portfolio was 93.3% (95.4% including tenant expansion options) at 31 December 2017, compared to 83.1% at 31 December 2016.  Like-for-like occupancy of the Romanian portfolio improved by 10.2% in 2017.\n·    At the Globalworth Campus office development, occupancy at Tower I (completed in Q3-2017) as at 31 December 2017, where Amazon is the largest tenant, was 46.8% (73.6% including tenant expansion options), increasing to 54.5% (88.9% including tenant expansion options) as at 15 February 2018. Tower II (due to complete in Q1-2018) is now 28.0% pre-leased.  Commencement of Phase B of this project...

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