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Globalworth takes over Griffin Premium RE

Alex Hayes 04 October 2017

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Globalworth takes over Griffin Premium RE
Tryton Business House has over 23,000 sqm of office space

POLAND Romanian investor Globalworth Asset Managers has signed a conditional investment agreement to buy a majority stake in Griffin Premium RE of between 50.01 pct and 67.9 pct.

Oaktree Capital Management Group, which holds 47.9 pct of Griffin, has agreed to sell as much of its stake as will be required for Globalworth to reach its target investment level, with the remainder of the shares to be bought in an open tender procedure. Oaktree intends to lower its stake in GPRE to less than 10 pct. The investment is structured so that GPRE will continue to trade on the Warsaw Stock Exchange.

GPRE primarily owns office and mixed-use assets in Warsaw, Wrocław, Łódz, Kraków and Katowice. Its portfolio comprises six office and three mixed-use (office and retail) properties with a combined gla of 171,000 sqm, an aggregate value of EUR 508 mln, annualised net operating income of EUR 33.9 mln, an occupancy rate of 97.6 pct and a weighted average lease term of 4.5 years. GPRE has also secured an investment pipeline, which includes a forward funding agreement for an office in Wrocław currently under development and a 25 pct interest in three offices in Warsaw, also under development, for which the company has an option to acquire the remaining 75 pct stake upon completion. All the buildings are expected to be delivered over the next two years. Globalworth intends to invest between PLN 429 mln and PLN 583 mln to be met from its existing cash resources. The transaction, which is subject to regulatory and shareholder approval, is expected to be closed by the end of the year.

In addition, GPRE is to acquire three high-quality office properties from Echo Polska Properties for an aggregate purchase price of app. EUR 160 mln. 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. “As our largest investment to date and our first transaction outside 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,” said Dimitris Raptis, the deputy CEO and CIO of Globalworth.


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