Globalworth Real Estate sees strong growth in portfolio – Globalworth has released its preliminary results for the year ended 31 December 2018. Things are looking good here – last year Globalworth made €538.3m of acquisitions in Poland and Romania, totalling eight new investments. The combined portfolio rose by 35.6% to €2.5bn, split 51% in Romania, and 49% in Poland. The gross leasable area the company holds reached 1.0 million square meters, an increase of roughly 250k square meters from 31 December 2017. Occupancy of this space in portfolio was 95.1%, compared to 93.3% the year before. Contracted rent was €159.5m for the year, with 99.0% being from commercial properties. Net operating income (NOI) increased a whopping 161% from €51.1m to €133.4m. This was mainly due to the full year consolidation of Globalworth Poland and the Polish acquisitions.
EPRA earnings per share increased by 153% from 18.17 to 46.03 cents per share in 2018. EBITDA was up 287% for the year, and stood at €121.8m at the end of 2018. EPRA NAV was €1,200.2m in 2018, an increase of 2.5%. For the 2018 year, Globalworth declared dividends of €0.54 per share, which is an increase of 22.7% over 2017 (€0.44 per share).
In March of 2018, the company issued a €550m unsecured Eurobond at a coupon of 3% with seven years duration, which was more than twice oversubscribed. In June 2018, another fundraise was successful, with Globalworth Poland completing a €450m equity capital raise to support the portfolio expansion. €300m was subscribed by Globalworth and €150m by its largest shareholder, Growthpoint Properties.
Dimitris Raptis, deputy chief executive officer and chief investment officer of Globalworth said, “2018 was a tremendous year for Globalworth as we continued our strong growth trajectory both through compelling investments in income producing assets with asset management potential and through development projects, delivered a significant step-up in our financial results, and demonstrated strong operating results across our portfolio in Romania and Poland. We are proud to have established Globalworth as the leading institutional office landlord in the CEE region with a portfolio of prime office assets, supported by a strong team of experienced professionals. With further investments targeted and, in our view, a compelling market outlook, we are set to take further strides forward in 2019”.
GWI : Globalworth Real Estate sees strong growth in portfolio