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Globalworth to raise 300 mln euro for investments in Romania, Poland

Globalworth to raise 300 mln euro for investments in Romania, Poland Author: Globalworth Real Estate Investments. Licence: All Rights Reserved.

BUCHAREST (Romania), November 14 (SeeNews) - London-listed Globalworth Real Estate Investment, a company targeting opportunities in Romania, on Tuesday announced its intention to raise 300 million euro ($349 million) through a non-preemptive issue of new ordinary shares to finance investment opportunities in Romania and Poland.

In addition to funding further investments, a key objective of the intended equity raise will be to attract new institutional investors and broaden the liquidity of the company's shares ahead of its planned move to the main market of the London Stock Exchange in 2018, it said in a press release. The equity raise will also assist the company in managing its gearing strategy to a target loan-to-value ratio of 35%.

Shareholders are expected to vote on the issue at an еxtraordinary general meeting on December 4.

In August, Globalworth completed the acquisition of the third building in Green Court Bucharest Campus for 38 million euro.

Following this acquisition of Building C, Globalworth became the sole owner of the Green Court Bucharest Campus developed by Swedish developer Skanska.

In July, Globalworth said it will develop Groupe Renault Romania's new headquarters building on land acquired by Elgan Offices, a company which it equally owns together with Elgan Group.

In June, the European Bank for Reconstruction and Development invested 50 million euro in a 650 million euro bond issued by Globalworth.

Globalworth is the largest office-property owner and developer in Romania, investing in a diversified portfolio of properties located primarily in the country, but also in the broader Southeast European region and in central and eastern Europe. Its shares are listed on the Alternative Investment Market, the London Stock Exchange’s international market for growing companies.

($= 0.8584 euro)

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