REG - Globalworth Real Est - Logistics Sale Closing & Mandatory Bond Redemption

Globalworth Real Estate InvestmentsAnnouncement

31/05/2024 15:15

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RNS Number : 7082Q  Globalworth Real Estate Inv Ltd  31 May 2024

31 May 2024

 

This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of the securities referred to
herein in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration, exemption from registration or qualification
under the securities laws of any such jurisdiction.

 

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

 

Closing of Fully-Owned Logistics Portfolio Sale and Mandatory Redemption of
Bonds

 

Further to its announcement on 11 March 2024, Globalworth (AIM: GWI), the
leading office investor in Central and Eastern Europe, is pleased to announce
that the sale of part of its logistics portfolio has successfully closed. The
portfolio comprised of five logistics / light-industrial parks with ten
facilities in Timisoara, Arad, Oradea and Pitesti as well as a majority stake
in two small business units in Bucharest (the "Fully-Owned Logistics
Portfolio") and was sold to CTP INVEST SPOL S.R.O. Net proceeds to Globalworth
from the sale of the Fully-Owned Logistics Portfolio amounted to €72.4
million excluding working capital, minority interest and following the
deduction of €95.8 million secured bank loans associated with the
Fully-Owned Logistics Portfolio.

 

The disposal of the Fully-Owned Logistics Portfolio, which was considered a
non-core asset of the Company's overall asset portfolio, is in line with the
Company's focus on deleveraging and enhancing liquidity.

 

In accordance with the terms and conditions of the Company's bonds, the
Company intends to use part of the net proceeds received from the sale towards
redeeming at par (i) €45,000,000 of its €307,109,200 in principal amount
outstanding 6.25% Senior Notes due 2029 and (ii) €20,000,000 of its
€333,350,400 in principal amount outstanding 6.25% Senior Notes due 2030
(collectively, the "Notes" and, such redemption, the "Mandatory Redemption").
The Company expects the Mandatory Redemption to occur on or about 18 June 2024
and intends to issue a notice to holders of the Notes, in each case in
accordance with the trust deed constituting the Notes.

 

For further information, visit www.globalworth.com
(http://www.globalworth.com/)  or contact:

 

Enquiries

 

 Rashid Mukhtar                                        Tel: +40 732 800 000

 Group CFO

 Panmure Gordon (Nominated Adviser and Joint Broker)   Tel: +44 20 7886 2500

 Dominic Morley

 

About Globalworth / Note to Editors:

 

Globalworth is a listed real estate company active in Central and Eastern
Europe, quoted on the AIM-segment of the London Stock Exchange. It has become
the pre-eminent office investor in the CEE real estate market through its
market-leading positions both in Poland and Romania. Globalworth acquires,
develops and directly manages high-quality office and industrial real estate
assets in prime locations, generating rental income from high quality tenants
from around the globe. Managed by over 269 professionals across Cyprus,
Guernsey, Poland and Romania the combined value of its portfolio is €3.0
billion, as at 31 December 2023. Approximately 96.8% of the portfolio is in
income-producing assets, predominately in the office sector, and leased to a
diversified array of over 715 national and multinational corporates. In Poland
Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice,
while in Romania it has assets in Bucharest and seven other cities.

For more information, please visit www.globalworth.com
(http://www.globalworth.com) and follow us on Facebook, Instagram and
LinkedIn.

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