Globalworth has just published results for the year ended 31 December 2015 so these figures are somewhat out of date now. Its EPRA NAV rose by 12.2% over the year, mainly on the back of new acquisitions and the revaluation of development projects. The appraised value for the remainder of the portfolio was, on a like-for-like basis, marginally changed on the year before. This NAV figure was depressed as they raised a total of c.EUR54m of new equity capital in October 2015, at an issue price of EUR6.0 per share, a significant discount to Globalworth’s EPRA NAV. Underlying EPS for year were EUR0.92 was down from EUR2.02 in 2014, impacted by the issue of c.9.0m new Ordinary Shares following the equity capital increase.
Total revenue generated by the portfolio increased to EUR44.8m (from EUR22.2m in 2014) following their investment in income-generating assets in 2014 and 2015 and as a result of increasing occupancy through active asset management.
In 2015, Globalworth became the largest owner of Class “A” office properties in Romania and continued to be one of the leading investors in the country’s commercial real estate market as they deployed c.EUR244m on an additional 8 investments.
GWI : Dilutive share issue holds back Globalworth’s returns