Globalworth Buys Spektrum Tower In Poland For EUR101 Million

LONDON (Alliance News) - Globalworth Real Estate Investments Ltd on Thursday said it purchased ...

Alliance News 12 July, 2018 | 1:25PM
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LONDON (Alliance News) - Globalworth Real Estate Investments Ltd on Thursday said it purchased Spektrum Tower in Warsaw, Poland, for EUR101 million in cash.

The investment company said it intends to fund the acquisition with existing cash resources.

Globalworth said Spektrum is an office building with leasable area of 29,500 square metres and annual contracted rental income of EUR6.3 million. It is currently 93% let on a weighted average lease length of about five years.

During the first half of its current financial year, the company said it completed EUR350 million of acquisition, strengthening its position in Polish and Romanian markets.

"Spektrum Tower is another great addition to Globalworth's portfolio, consistent with acquiring assets with asset management and value-add potential," said Deputy Chief Executive Dimitris Raptis.

"We continue to assess attractive opportunities and make progress with our developments in our two main markets, Poland and Romania," added Raptis.

Shares in Globalworth were untraded on Thursday, last quoted at EUR9.30 each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Globalworth Real Estate Investments Ord 8.88 EUR 0.00 -
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