Notice of Interim Results & Prelim Interim Results

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n \n30 August 2024\nGlobalworth Real Estate Investments Limited\n(\"Globalworth\" or the \"Company\")\nNotice of Interim Results & Preliminary Interim Financial Information\nGlobalworth plans to publish its Interim Report and Financial Statements for the six months ending 30 June 2024 during the week commencing 23 September 2024. In advance, we are releasing unaudited preliminary financials.\nKey Highlights for the period ended 30 June 2024\n·    Portfolio Value: The total combined portfolio value dropped by 8.3% to €2.7 billion, primarily due to the disposal of non-core assets (which led to a decrease of 7.6% of Combined Portfolio Value) and small negative revaluation adjustments.\n·    Commercial Properties: Like-for-like appraised value of standing commercial properties slightly decreased to €2.5 billion, down 0.8% from 31 December 2023.\n·    Divestments: Several sales of non-core assets were completed with the objective to reduce debt and boost liquidity:\n-       In Q1, we sold Bliski Centrum in Warsaw, a 4.9k sqm office property, which we deemed a non-core asset due to its smaller size.\n-       In May, we sold our fully owned Romanian logistics portfolio to CTP for net proceeds of €72.4 million (after standard adjustments).\n-       Post-June, we sold our remaining Romanian logistics interests, held through joint ventures, to WDP, for net proceeds of €56.0 million (after standard adjustments).\n·    Portfolio Footprint: Net reduction of 239.5k sqm, bringing our standing-portfolio footprint down to 1.1 million sqm across 59 properties.\n·    Leasing: 90.1k sqm of commercial space leased or extended, with an average WALL of 4.8 years, despite tough market conditions.\n·    Occupancy: The average occupancy of our combined commercial portfolio dropped to 86.1%, down 2.1pps from year-end 2023, impacted by:\n-       The sale of non-core assets having average occupancy higher than portfolio average.\n-       The addition of newly refurbished property of Supersam (Katowice, Poland).\n-    &nbs...

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