Globalworth Real Estate net asset value dips on negative revaluations

(Alliance News) - Globalworth Real Estate Investments Ltd on Friday swung to an annual loss as ...

Alliance News 5 March, 2021 | 9:43AM
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(Alliance News) - Globalworth Real Estate Investments Ltd on Friday swung to an annual loss as fair value losses overshadowed a meagre increase in revenue.

Globalworth Real Estate Investments is a real estate investment company with a focus on Romania and the South East Europe region.

Globalworth Real Estate EPRA net asset value per share decreased by 6.7% to EUR8.68 per share at December 31 from EUR9.30 in the year prior. This was mainly due to the hit from negative revaluations due to the increased uncertainty in the market caused by the Covid-19 pandemic, the company said.

Globalworth Real Estate swung to a pretax loss in 2020 of EUR30.5 million, from a profit of EUR207.7 million the year prior, on a fair value loss of EUR116.1 million, swinging from a gain of EUR117.7 million.

Revenue inched up 0.5% to EUR223.3 million from EUR222.2 million. Total combined portfolio value remained effectively unchanged at EUR3.0 billion.

Standing commercial occupancy slipped to 90.9% at December 31 from 94.7% due to "very challenging market conditions".

Rate of collections for rents invoiced and due was at 99% for the year.

Globalworth Real Estate shares were flat at EUR6.85 each in London on Friday morning.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 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 2.52 EUR 0.80 -

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