Stock Market News
Globalworth buys Warsaw office block for EUR 55m
Globalworth Real Estate announced the acquisition of Warta Tower, a modern office tower in the City Centre West district of Warsaw, by Globalworth Poland for a consideration of 55m on Thursday.
The AIM-traded firm said Warta Tower, completed in 2000, comprises approximately 28,000 square metres of gross leasable area, and offered "outstanding" architectural qualities including an "iconic" lobby.
It said the 21-floor building was multi-tenanted, with TUiR Warta - an insurance and reinsurance company, being a subsidiary of Talanx International - as its largest tenant.
Warta Tower had a contracted rental income of 5.9m, occupancy of 92% and a weighted average lease length of 3.5 years.
The board said the transaction represented a "substantial transaction" pursuant to the AIM rules.
It said the acquisition was being financed by a 55m increase in the short-term bridging loan provided to GPRE by the company announced on 19 December, and which represented a substantial transaction pursuant to the AIM Rules.
Subsequent to that announcement on 19 December, the company agreed to extend the period whereby the loan could be increased from two months to the date of the acquisition, the board explained.
"Globalworth Poland is very excited to be growing its portfolio with the acquisition of this sizeable, landmark asset in Warsaw, following on from the high-quality offices in Wroclaw, Gdansk and Katowice acquired in December 2017," said Globalworth's deputy chief executive and chief investment officer Dimitris Raptis.
"In addition to an attractive current income, this property offers excellent asset management potential."
The AIM-traded firm said Warta Tower, completed in 2000, comprises approximately 28,000 square metres of gross leasable area, and offered "outstanding" architectural qualities including an "iconic" lobby.
It said the 21-floor building was multi-tenanted, with TUiR Warta - an insurance and reinsurance company, being a subsidiary of Talanx International - as its largest tenant.
Warta Tower had a contracted rental income of 5.9m, occupancy of 92% and a weighted average lease length of 3.5 years.
The board said the transaction represented a "substantial transaction" pursuant to the AIM rules.
It said the acquisition was being financed by a 55m increase in the short-term bridging loan provided to GPRE by the company announced on 19 December, and which represented a substantial transaction pursuant to the AIM Rules.
Subsequent to that announcement on 19 December, the company agreed to extend the period whereby the loan could be increased from two months to the date of the acquisition, the board explained.
"Globalworth Poland is very excited to be growing its portfolio with the acquisition of this sizeable, landmark asset in Warsaw, following on from the high-quality offices in Wroclaw, Gdansk and Katowice acquired in December 2017," said Globalworth's deputy chief executive and chief investment officer Dimitris Raptis.
"In addition to an attractive current income, this property offers excellent asset management potential."
Related share prices |
---|
Globalworth Real Estate Investments Limited (GWI) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price