Signing of new lease agreement at TAP

RNS Number : 9072Y

Globalworth Real Estate Inv Ltd

05 December 2014

 



05 December 2014

Globalworth Real Estate Investments Limited

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

Signing of new lease agreement at Timisoara Airport Park ("TAP")

Globalworth, the real estate investment company targeting opportunities principally in Romania, is pleased to provide an update on its Timisoara Airport Park industrial complex.

The 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.

The 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.

The total investment for the circa 7,000 sqm is estimated to be approximately Euro 5 million.

The 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.

Assuming 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.

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 currently focused on taking advantage of investment opportunities in Romania. 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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