Acquisition of Green Court

RNS Number : 1277Y

Globalworth Real Estate Inv Ltd

27 November 2014

 



Globalworth Real Estate Investments Limited

("Globalworth" or "the Company") (AIM: GWI)

Acquisition of Green Court Bucharest Building A from Skanska Romania

Guernsey, 27 November 2014: Globalworth Real Estate Investments Ltd. (AIM: GWI) ("Globalworth" or "the Company"), the real estate investment company targeting opportunities in Romania and the broader SEE and CEE regions, is pleased to announce the acquisition of Skanska's first building in Green Court Bucharest. The gross consideration is Euro 44 million. Closing of the acquisition is scheduled for Q2 2015.

Green Court Bucharest is a prestigious, newly built A-class office property development, strategically located in Bucharest's new central business district, very close to Globalworth's existing Bucharest One development. Building A has a leasable area of 19,500 sqm and was officially opened at the end of October 2014. It is now 91% leased with Schneider Electric Romania and Orange Romania being the main tenants, on long term leases, and will be delivered fully leased on completion.  The property has received the LEED Gold pre-certification. Skanska's Green Court Bucharest project is comprised of three office buildings with a total leasable area of 52,000 sqm.

Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth Real Estate Investments commented:

"We are pleased to announce the acquisition of the first building of Skanska's Green Court development project. This prestigious newly built A-class office property is strategically located in Bucharest's new central business district, very close to our existing Bucharest One development. It benefits from top environmental credentials and is let to top-brand tenants on long term leases. This transaction constitutes an important milestone towards achieving our objective of owning the highest quality portfolio in the Bucharest office market."

Nestor Nestor Diculescu Kingston Petersen (NNDKP) acted as Globalworth's legal advisor on this transaction.

For further information visit www.globalworth.com  or contact:  

Panmure Gordon (Nominated Adviser and Joint Broker)              Tel: [phone]

Andrew Potts

Duncan Monteith

Cantor Fitzgerald Europe (Joint Broker)                                                Tel: [phone]

Rick Thompson

David Foreman

Milbourne (Public Relations)                                                                     Tel: [phone]

Tim Draper

About Globalworth:

Globalworth Real Estate Investments Limited is a real estate investment company founded by real estate investor and developer Ioannis Papalekas to take advantage of investment opportunities in Romania and the broader SEE and CEE regions. The Company is Guernsey incorporated and has been declared by the Guernsey Financial Services Commission to be a registered closed-ended collective investment scheme. The Company's shares were admitted to trading on AIM in July 2013.

The Romanian market offers an attractive real estate investment proposition in the medium-to-long term. Globalworth believes that global investor capital flows will gradually move from markets considered as "safe havens" to more peripheral markets such as Romania in search of higher yielding investments. As a result, Romania should, in due course, become more attractive destinations for a wide investor audience. Globalworth anticipates holding an early mover advantage in these markets and benefitting from this gradual shift in investor sentiment.

 

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