For Immediate Release
25 July 2013
Not for release, publication, distribution or redistribution, in whole or in part, directly or indirectly in, into or from the United States, Canada, Australia, or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. This announcement does not constitute an offer or invitation to purchase or subscribe for any securities. The securities have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.
Globalworth Real Estate Investments Limited
Completion of IPO and Admission to trading on AIM
Globalworth Real Estate Investments Ltd ("Globalworth" or "the Company"), a real estate investment company formed to take advantage of investment opportunities in Romania and the broader SEE and CEE regions, today announces the successful completion of its IPO and the admission to trading of its ordinary shares on the AIM Market of the London Stock Exchange ("Admission") under the ticker "GWI".
The Company has raised gross proceeds of Euro 53.6m through the issue of 10,718,703 Ordinary Shares to investors, including an investment from the founder of Euro 15m, at a price of Euro 5 (the "Offer Price") per Ordinary Share (the "Placing"). At Admission, the Company has 10,718,703 Ordinary Shares in issue.
Panmure Gordon acted as Nominated Adviser, Joint Broker and Joint UK Placing Agent to the Company, and Cantor Fitzgerald Europe as Joint Broker and UK Placing Agent. Sunrise Securities acted as Placing Agent and Rosario Underwriting Services as Israel Placing Agent.
Dimitris Raptis, Deputy CEO and Chief Investment Officer of Globalworth, commented: "The combination of yield and capital appreciation will provide investors with a very attractive risk-adjusted return profile resulting from the company's continued investment in commercial real estate assets leased predominantly to multinational corporates and financial institutions on long, triple net leases. Investors will also benefit from the substantial discount to open market value of the initial portfolio being acquired.
"With our longstanding track record of value creation in Romania, we are uniquely positioned to take advantage of the compelling investment opportunities that now present themselves in this market, which is still in a relatively early phase of development and is characterised by a lack of supply of high quality commercial property."
The Admission Document in relation to the Company's Admission is available on the Company's website at www.globalworth.com
Panmure Gordon (Nominated Adviser) Tel: +44 20 7886 2500
Cantor Fitzgerald Europe (Joint Broker) Tel: +44 20 7894 7000
Milbourne (Public Relations) Tel: +44 20 7920 2367
Notes to Editors:
Globalworth Real Estate Investments Ltd is a real estate investment company formed to take advantage of investment opportunities in Romania and the broader SEE and CEE regions. The company is Guernsey incorporated and registered as a closed-ended collective investment scheme by the Guernsey FSC.
The senior management team will initially comprise Ioannis Papalekas, the founder, who will act as Chief Executive Officer and Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer.
Ioannis Papalekas has over 15 years of real estate investment and development experience and has been present in the Romanian market for 12 consecutive years, having created one of the most successful real estate development and investment groups in the Romanian real estate market.
Dimitris Raptis has 16 years of experience in the financial services and real estate investment industries with Deutsche Bank. Before joining Globalworth, he was Managing Director and European Head of Portfolio Management for RREEF Opportunistic Investments and prior to that, he was a senior member of RREEF Real Estate, part of Deutsche Bank's asset and wealth management division and one of the largest managers of real estate assets in the world.
The Romanian market offers an attractive real estate investment proposition in the medium-to-long term. Globalworth believe that global investor capital flows will gradually move from markets considered as "safe havens" to more peripheral markets such as Romania and the broader SEE and CEE regions in search of higher yielding investments. As a result, Romania and the broader SEE and CEE regions should, in due course, become more attractive destinations for a wide investor audience. Globalworth anticipates holding an early mover advantage in these markets and benefitting from this gradual shift in investor sentiment.