Further update on Investment in Poland

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 7516Z Globalworth Real Estate Inv Ltd 19 December 2017  \n\n19 December 2017\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 \nGlobalworth Real Estate Investments Limited (\"Globalworth\" or the \"Company\")\nFurther update on Investment in Poland\nGlobalworth announced on 4 October 2017 (the \"Announcement\") that its subsidiary Globalworth Asset Managers SRL (\"GAM\") had entered into a conditional investment agreement to acquire a minimum of 50.01% and up to 67.90% of the issued share capital of Griffin Premium RE.. N.V. (\"GPRE\"), a Dutch entity listed on the Warsaw Stock Exchange, (the \"Acquisition\") to be effected by way of a public tender offer (the \"Tender Offer\").  The Tender Offer became unconditional on 29 November 2017 and the Company now holds a 67.90% holding in GPRE. \nThe Announcement also stated that, amongst other investments in the pipeline, GPRE had contracted to acquire three high quality office properties in Wroclaw, Gdansk and Katowice from Echo Polska Properties (\"EPP\") for an aggregate purchase price of €160 million, which were expected to be acquired before 31 January 2018.\nFurther to the Announcement and following the satisfactory completion of the Tender Offer, the Company announces that it has agreed to provide a short-term bridging loan to GPRE for an amount of €165 million to fund the entire EPP portfolio acquisition. This loan may be increased, at the Company's sole discretion, by a further €65 million within the next 2 months, for further potential acquisitions under consideration by GPRE. The loan is repayable within 6 months but this may be extended by a further 6 months at the request of GPRE (and at the Company's sole discretion).\nThe loan will bear fixed interest from the date of its utilisation at market rate. The loan agreement provides for a list of undertakings, representations and events of default standard for financings of such type.  In addition, at the request of the Company, following completion of the EPP portfolio acquisition, the Company may request that a security package over the acq...

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