Q3 Trading Update and EPRA NAV

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 1425X Globalworth Real Estate Inv Ltd 17 November 2014  \n \n\n \n17 November 2014\n \nGlobalworth Real Estate Investments Limited\n \nQ3 2014 Trading update and EPRA Net Asset Value\n \nGlobalworth Real Estate Investments Limited (\"Globalworth\" or the \"Company\") is pleased to announce its quarterly update for the third quarter and the nine months ended 30 September 2014. \n \nDimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer said: \"We are pleased with the progress we have made in the third quarter. The Bucharest office real estate market continues to show signs of recovery, predominantly as a result of strong tenant demand mainly from multi-national companies\". \n \nKey FINANCIAL highlights FOR q3 2014\n·      Portfolio Open Market Value (\"OMV\")[1] of c.€554.9 million up c.6% as compared to H1 2014; \n·      Bank loans outstanding of c.€179.0 million up c.3% as compared to H1 2014;\n·      Loan to Value of 32.4 % down c.3% as compared to H1 2014;\n·      EPRA[2] NAV of c.€422.0 million up c.2% as compared to H1 2014;\n·      EPRA NAV/share of €7.87 up c.2% as compared to H1 2014;\n·      Net Operating Income (NOI) for 9 months ended 30 September 2014 of c.€7.7 million up c.98% as compared to H1 2014;\n·      EBITDA for 9 months ended 30 September 2014 of c.€10.0 million up c.16% as compared to H1 2014;\n·      Earnings before tax for 9 months ended 30 September 2014 of c.€83.5 million up c.9% as compared to H1 2014.\n \nNET ASSET VALUE\n \nIn accordance with our valuation policy, the property portfolio was not subject to an external valuation at 30 September 2014. The unaudited net assets increased by c.€6.7 million as a result of the positive net operating result in Q3 2014 and a €7.4 million gain (bargain purchase gain as per IFRS 3 \"Business Combinations\") on the acquisition of the share capital of SEE Exclusive Development S.A., which owns the Timisoara Airport Park (\"TAP\") property.\n \nNET OPERATING INCOME\n \nThe three months ended 30 September 2014 saw a significant increase in NOI of c.€3.8 million as compared to...

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