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. 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 and has agreed the acquisition of two Polish office developments at completion for a maximum €185m (expected rent of c €12m pa). The near-term investment pipeline includes three additional Polish assets, one standing and two under development with an expected consideration over time of c €135m.