>>>Globalworth Asset Managers SRL/Romania acquire, subject to certain conditions precedent, a minimum of 50.01% and up to 67.9% of the issued share capital of Griffin Premium RE.. N.V.
By Emea Riga
Griffin Premium RE.. announced that it has signed an investment agreement with Globalworth Asset Managers SRL/Romania, a subsidiary of Globalworth Real Estate Investments Ltd (“Globalworth”), the real estate investment company listed on the AIM section of London Stock Exchange and one of the largest and most respectable office investors in the region. Under the agreement and by way of a public tender offer directed to all investors of Griffin Premium RE.. N.V, Globalworth is to acquire, subject to certain conditions precedent, a minimum of 50.01% and up to 67.9% of the issued share capital of Griffin Premium RE.. N.V. while retaining the current listing of its shares at the Warsaw Stock Exchange.
In addition, Griffin Premium RE.. has contracted to acquire three high-quality office properties from EPP for an aggregate purchase price of approximately €160 million. The office properties are West Gate in Wrocław, Tryton Business House in Gdańsk and A4 Business Park in Katowice. The acquisition is expected to be completed by the end of January 2018.
“We welcome Globalworth as a committed long-term strategic investor in our company. This is a defining moment in the development of GPRE as it provides a solid basis for future growth and value creation for our shareholders. We believe that the Polish market remains very attractive and look forward to leveraging Globalworth’s experience and industry knowledge in our ambition to become the leading institutional office investor in Poland. The acquisition of a high-quality office portfolio from EPP, also announced today, represents a major step towards achieving this ambition”, says Małgorzata Turek, chief executive officer at GPRE.
“As our largest investment to date and our first transaction outside of the Romanian market, this expansion into Poland, the largest market in Central and Eastern Europe, is a pivotal development in Globalworth’s strategy to establish itself as the region’s leading office investor. As previously stated, we have prioritised the Polish market as a core target for expansion due to its size, liquidity, strong fundamentals and depth of opportunities. Drawing on GPRE’s strong experience and excellent reputation in the Polish market, we will continue to grow its portfolio in Poland as we strive to become the partner of choice for the wide variety of high-quality tenants looking to expand in the region”, added Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer at Globalworth.
About Griffin Premium RE..
Griffin Premium RE.. is a REIT-type company established in December 2016 by spinning off nine attractive properties from a portfolio created and managed by Griffin Real Estate group, the leading and the most dynamic investor in CEE commercial real estate market. At present, GPRE’s portfolio includes six pure office and three mixed-use high-street properties. All of them are located in prime locations, in five Polish cities: Warsaw, Wrocław, Łódź, Cracow and Katowice. They were valued in excess of €0.5 billion as at 30 June 2017. Since April 2017, Griffin Premium RE.. has been listed on the Warsaw Stock Exchange. GPRE has also forward funded the acquisition of West Link office in Wrocław and acquired 25% stakes in office development projects in Warsaw (Browary Stage J and Beethovena I&II) in June 2017.
Globalworth is a real estate investment company active in Central and Eastern Europe, and has become the leading office investor in the Romanian real estate market. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, through which it benefits from a strong rental income profile from high quality tenants from around the globe. With approximately 70 professionals managing it, Globalworth’s portfolio, as at 30 June 2017, was valued in excess of €1bn, of which 90% is in income-producing assets and over 80% in the office sector. Globalworth has a strong and supportive investor base, having been listed on the AIM Market of London Stock Exchange since 2013 and in 2017 issued its debut Eurobond on the Irish and Bucharest Stock Exchanges (BVB).