Globalworth Real Estate Investments (GLA) reported that net operating income increased 161% year-on-year to €60.9m, from €16.8m. EPRA NAV per share rose 2.3% to €9.04 and the LTV ratio stood at 43.9% vs. 34% last year.
GLA is a Romanian and Polish centred real estate investment company incorporated in Gurnesy and listed on AIM. Since its IPO GLA has completed a number of developments, including the Globalworth tower in Romania and the first phase of the Globalworth Campus Project in Bucharest. The group also completed €538.3m of acquisitions in Poland.
The occupancy as of the year-end was 95.1% vs. 93.3% last year. The company intends to raise additional equity capital of up to €500m at or around prevailing EPRA NAV per share in the near future.
Dimitris Raptis, Deputy CEO of Globalworth said the company, “delivered a significant step-up in our financial results, and demonstrated strong operating results across our portfolio in Romania and Poland.”