EXPANSION STRATEGY
Growthpoint to lift stake in Globalworth
The company says Globalworth has ‘delivered on its strategy to expand in the central and eastern Europe region’
Growthpoint Properties would increase its stake in Romania-focused Globalworth Real Estate Investments from 26.9% to 29.5%, the firm said on Monday. Growthpoint had agreed to subscribe for new shares in Globalworth, which was undertaking an equity raise, using the proceeds of a new euro-denominated bond. The real estate investment trust share price had risen 1% to R24.44 at close of trade on Monday. The company said in an investor update document that Globalworth had "delivered on its strategy to expand in the central and eastern Europe region". Globalworth would, subject to conditions, buy a 50.1%-67.9% stake in Warsaw-listed Griffin Premium Real Estate. "On the back of this expansion into Poland, and in response to significant investor interest, Globalworth has announced its intention to raise a minimum €300m through the issue of new ordinary shares," Growthpoint said. The equity raising would fund further investments, reduce gearing, attract new institutional investors and improv...
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