Globalworth has released its Annual Report and Audited Consolidated Financial Results for the year ended 31 December 2020. The company’s approach to the COVID-19 business recovery process has resulted in balanced growth, with a net operating income increased by 6.5% to €157.3 million and a total combined portfolio value that remained effectively unchanged at €3.0 billion.
In 2020 Globalworth took up, extended or renegotiated c. 303,500 sqm of commercial space in its portfolio, representing c. 25% of its total standing commercial GLA. This is the highest volume of leasing activity that the company has ever achieved, mostly attributed to the successful negotiations with existing tenants. The strong tenant relationships were also confirmed in Globalworth’s standing commercial occupancy, which remained high at 90.9% (91.7% including tenant options) as at year-end, impacted however by the delivery of properties under development still in lease-up stage and a 3.3% decrease in like-for-like occupancy due to the very challenging market conditions.
“Despite the significant disruption in the economic and social activity during most of 2020, I am pleased to report that our core strengths and competitive advantages have resulted in a very resilient operating performance and financial results. At the same time, we kept close to and supported our clients and the broader community within which we live and operate, reinforcing our position as THE landlord of choice in our home markets. Whilst 2021 will continue to present a number of challenges, I firmly believe that the worst is behind us and I am confident and excited about the opportunities that lie ahead of us”, said Dimitris Raptis, CEO of Globalworth Group.
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