by Property Forum | Report

In 2020, Globalworth’s Net Operating Income increased by 6.5% to €157.3 million, despite the negative effect (-2.3%) of the COVID-19 pandemic. The company announced its unaudited financial results for 2020.


Key highlights

  • Total combined portfolio value remained effectively unchanged at €3.0 billion.
  • Development capex focused only on projects with significant pre-lets or advance level of construction, delivering two Class A office and two high-quality industrial facilities in Romania and Poland with 95,800 sqm of GLA.
  • Overall standing portfolio footprint increased by 4.7% to 1,271,300 sqm of GLA.
  • Leasing transactions for a total of 303,500 sqm of commercial space at an average WALL of 3.9 years, of which 74.3% related to lease renegotiations/extensions with existing tenants.
  • Standing commercial occupancy remained high at 90.9% (91.7% including tenant options) as at 31 December 2020 (vs 94.7% and 95.0% including tenant options as at 31 December 2019), 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.
  • Annualised contracted rent of €183.4 million, of which 91.3% from office and industrial properties (down 4.0% vs 2019).
  • Rate of collections for rents invoiced and due remained high at 98.9% for the year.
  • Net Operating Income increased by 6.5% to €157.3 million, despite the negative effect (-2.3%) of the Covid-19 pandemic.
  • Liquidity position remained high with €527.8 million of cash available as of 31 December 2020 and an additional undrawn €215 million Revolving Credit Facility available to the Group.
  • CPI Property Group became the largest shareholder in Globalworth in February 2020.