TIDMGWI
RNS Number : 1217H
Globalworth Real Estate Inv Ltd
15 August 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
15 August 2016
Globalworth Real Estate Investments Limited
Leasing Update
Globalworth Real Estate Investments Limited ("Globalworth" or
the "Company") is pleased to release the following leasing update
on the Company's portfolio since the beginning of 2016.
Highlights
-- c.50,300sqm of commercial GLA contracted in 2016
-- c.214,000sqm of commercial GLA successfully leased since the beginning of 2014
-- Total c.341,600sqm of commercial space let or pre-let with a WALL of c.6.8 years
-- Tenant base comprising of c.85 national and multinational
corporates from 17 different countries
For further information visit www.globalworth.com or
contact:
Panmure Gordon (Nominated Adviser and Joint Broker) Tel: +44 20 7886 2500
Andrew Potts
Cantor Fitzgerald Europe (Joint Broker) Tel: +44 20 7894
7000
Rick Thompson
David Foreman
Milbourne (Public Relations) Tel: +44 7903 802545
Tim Draper
IMPORTANT NOTICE / FORWARD LOOKING STATEMENTS
This Announcement contains forward-looking statements. These
relate to the Company's future prospects, developments and
strategies. Forward-looking statements are identified by their use
of terms and phrases such as "believe", "could", "envisage",
"estimate", "expect", "intend", "may", "plan", "will" or the
negative of those, variations or comparable expressions, including
references to assumptions and discussions of strategy, plans,
objectives, goals, future events, intentions or expectations. The
forward-looking statements in this Announcement, including as to
expected or estimated NOI (net operating income), GLA and WALL, are
current expectations based on a number of assumptions that reflect
a substantial degree of judgment and are subject to risks and
uncertainties that could cause actual results or outcomes to differ
materially from those expressed or implied by the relevant
statements. Factors that could cause actual results and outcomes
(including NOI) to differ materially include, but are not limited
to, those discussed under "Risk Factors" in Part I of the Admission
Document of the Company dated 24 July 2013. These forward-looking
statements speak only as of the date of this Announcement.
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'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 a more attractive destination
for a wide investor audience. Globalworth anticipates holding an
early mover advantage in and benefitting from this gradual shift in
investor sentiment.
Leasing Update during 2016
Our ability to successfully lease space in our properties has
been one of the key strengths of our business. Over the past c.2
1/2 years we have successfully negotiated the take-up or extension
of 214,000sqm of commercial GLA within our buildings, confirming
Globalworth's position as one of the most successful investors and
developers in the Romanian real estate market.
Our leasing strategy has been very successful in 2016, as we
have signed 78% more commercial GLA in the first c.7 1/2 months of
2016 compared to the entire of 2015. Total take-up since the
beginning of the year for office and logistics space has reached
c.50,300sqm, with contracts signed at a WALL of 6.9 years.
We are pleased to report that Green Court Building "B" is now
100.0% leased (vs 82.1% at year-end), and that we have made
significant progress in the letting of our recently completed
Glowbalworth Tower and Gara Herastrau office properties which as of
11 August '16 had occupancy of 70.2% (vs 51.0% at year-end) and
50.6% (vs vacant at year-end) respectively.
In addition, we have continued to improve the risk-profile of
our portfolio, through the extension and / or expansion of leases
with some of our prime tenants, such as Deutsche Bank in BOB and
Honeywell and Hewlett Packard Enterprises in BOC and, Cegeca and
Hidroelectica in TCI.
Most notable new contracts signed in 2016 by Globalworth
included some of the best known national and multinational
corporates such as Valeo (TAP) for c.13,500sqm, Deutsche Bank (BOB)
for c.6,200sqm, ADP (Gara Herastrau) for c.6,100sqm, Honeywell
(BOC) for c.3,800sqm, Hewlett Packard Enterprises (BOC) for
c.2,500sqm, Vodafone (Globalworth Tower) for c.2,000sqm, Wipro
(Globalworth Tower) for c.1,980sqm, Ericson (Green Court "B") for
c.1,900sqm, Bunge (Globalworth Tower) for c.1,800sqm, Ferrero and
Anritsu (Globalworth Tower) for a total of c.1,800sqm, while in TCI
we signed expansion contracts with existing tenants Cegeca,
Hidroelectrica and EY for a total of c.3,100sqm.
Currently, our portfolio is occupied by c.85 different national
and multinational corporates from 17 different countries, including
some of the most recognisable corporates in their respective
industries.
The WALL remaining on the commercial lease space in our
portfolio was 6.8 years at 11 August 2016.
Tenant % of Selected Tenants of Commercial Portfolio
Origin: Contracted
Rent
-------------- ------------ ---------------------------------------------
Multinational 88.5% Abbott Laboratories, Adecco, ADP,
Anritsu Solutions, Bayer, BCR, Billa,
BRD, Bunge, Carrefour, Cegeka, Clearanswer,
Colgate-Palmolive, Continental, Credit
Agricole Bank, Delhaize Group, Deutsche
Bank, Deutsche Telekom, EADS, Elster
Rometrics, Ericsson, EY, Ferrero,
GfK, Honeywell, Hewlett Packard Enterprise,
Huawei, Intel, Mood Media, NBG Group,
Nestle, Oracle, Orange, Piraeus Bank,
Saipem, Sanofi, Schneider Electric,
Skanska, Starbucks, Stefanini, Subway,
UniCredit, Valeo, Vodafone, Wipro,
Worldclass
-------------- ------------ ---------------------------------------------
National 6.0% CITR, GlobalVision, NNDKP, NX Data,
RINF, Creative Media
-------------- ------------ ---------------------------------------------
State 5.5% Hidroelectrica, Ministry of European
Owned Funds
Entities
-------------- ------------ ---------------------------------------------
GLOSSARY
"Contracted Represents the gross contracted headline
Rent" property rent (including pre-lettings),
on an annualized basis, as of the
specified date. Additionally, it
includes variable, tenant turnover
based rent based on historical performance.
------------ ---------------------------------------------
"GLA" Gross Leasable Area (in square meters)
------------ ---------------------------------------------
"WALL" Represents the remaining weighted
average lease length of the contracted
leases as of 11 August '16, until
the lease contracts full expiration.
------------ ---------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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