Globalworth Real Estate

Investment summary

GWI continues to grow strongly, expanding its portfolio in Romania and Poland, and enlarging its capital base. H119 net operating income increased 31.5% on H118, EPRA earnings by 38.0% and EPRA EPS was up 14.8% to 23.5 cents. EPRA NAV per share edged up to €9.05 and DPS increased to €0.30 (H118: €0.27). The H119 share issuance of c €500m provided funding for continued portfolio investment (including c €283m committed to standing asset acquisitions in Poland and investment in Romanian development projects) and the acquisition of the outstanding minority in its Polish subsidiary, now de-listed. In Romania two new industrial sector JV development projects were added. Detailed due diligence continues on further investment opportunities with an aggregate consideration in excess of €300m and since H119 GWI has issued a further 28.6m shares (14.7% of the existing) at €9.25 per share to raise gross proceeds of c €264m. The near-term investment pipeline includes five assets in Poland, one standing and four at various stages of development) with an expected consideration over time of c €320m.