Globalworth announced the successful completion of the non-pre-emptive placing of new ordinary shares. A total of 38.9 million new ordinary shares in the company have been placed by Jefferies International Limited at a price of €8.75 per placing share, raising total gross proceeds of €340 million, in excess of the company's target and oversubscribed at this level.
The net proceeds of the placing will be used to fund a significant pipeline of attractive investment opportunities in both Poland (through Griffin Premium Real Estate) and Romania as well as for general corporate purposes and will also assist the company in managing its gearing strategy to a target LTV of 35%.
Dimitris Raptis, Deputy CEO and Chief Investment Officer commented: "We are delighted by the strong interest shown by investors in the placing. 2017 has been a pivotal year in Globalworth's development, and this is an important step in facilitating further growth and our objective to establish Globalworth as the region's leading office investor. We are now in a position to expand our portfolio in Poland and Romania through the attractive investment opportunities we have identified, enabling us to extend our mission of being the partner of choice for the wide variety of high-quality tenants in the region."
