Globalworth Real Estate

Investment summary

GWI continued to grow strongly in H119, expanding its portfolio in Romania and Poland, enlarging its capital base and simplifying its corporate structure. Net operating income increased 31.5% on H118, EPRA earnings by 38.0% to €37.3m, with EPRA EPS up 14.8% to 23.5 cents. EPRA NAV per share edged up to €9.05 and a H119 DPS of €0.30 (H118: €0.27) was paid in August. Proceeds from the c €500m issue of new shares during the period provided funding for continued portfolio investment and the acquisition of the outstanding minority in its Polish subsidiary where GWI now owns 99.9% and expects to complete the de-listing of the subsidiary by year-end. During H119 GWI committed c €283m to four standing asset acquisitions in Poland, continued to invest in its Romanian development projects, and sees further good opportunities for accretive acquisitions. The company plans to grow its successful logistics/light industrial platform (rebranded Globalworth Industrial) further and has entered a partnership with Global Vision for the JV development of two additional high-quality industrial sector projects.