Signing of new lease agreement at TAP

About this update from Globalworth Real Estate Investments Limited

[{"type":"text","content":"\n \nRNS Number : 9072Y Globalworth Real Estate Inv Ltd 05 December 2014  \n \n\n05 December 2014\nGlobalworth Real Estate Investments Limited\n(\"Globalworth\" or \"the Company\") (AIM: GWI)\nSigning of new lease agreement at Timisoara Airport Park (\"TAP\")\n \nGlobalworth, the real estate investment company targeting opportunities principally in Romania, is pleased to provide an update on its Timisoara Airport Park industrial complex.\nThe Company today announces that it has signed a 10-year lease contract with Elster Rometrics S.R.L., part of Elster Group GmbH - a leading global provider of gas, electricity, water meters and related communications, networking and software solutions. Elster Group GmbH is owned by London Stock Exchange listed Melrose Industries PLC.\nThe contract is for a gross leasable area (\"GLA\") of circa 7,000 square meters (\"sqm\") in a new light industrial/office facility that is expected to be delivered by Q3 2015. Furthermore, an expansion option of up to a further 4,000 sqm of GLA has been granted to Elster.\nThe total investment for the circa 7,000 sqm is estimated to be approximately Euro 5 million.\nThe TAP complex is partially developed, with Valeo, a multinational corporate operating in the automotive industry, and Continental, the German car parts and tyre manufacturer, having let or pre-let circa 72,835 sqm of light industrial space, while both companies have the option to develop additional facilities in the property. Valeo currently occupies circa 27,474 sqm of light industrial space in the property which was completed in 2011, while Continental has pre-let circa 45,360 sqm of light industrial space which is expected to be delivered in March 2015.\nAssuming the exercise of all three options and delivery of the requisite sqm, TAP will be one of the largest, high quality industrial parks in the country offering circa 124,000 sqm of light industrial/office space.\n \nFor further information visit www.globalworth.com  or contact:  \nPanmure Gordon (Nominated Adviser and Joint Broker)              Tel: +44 20 7886 2500\nAndrew Potts\nDuncan Monteith\n \nCantor Fitzgerald Europe (Joint Broker)                  &nb...

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