Globalworth: CEE’s Leading Office Landlord
2020 Annual Results Presentation
Globalworth Overview
Green Court Complex, Bucharest
1
Globalworth Snapshot
•
Globalworth is a leading real estate Group with a
primary focus on Poland and Romania, the two
largest markets in the CEE
• We acquire, develop and manage commercial
real estate assets, primarily in the office sector
Prime locations in key cities
Modern assets with excellent environmental
credentials
Established, blue chip and mostly international
tenants
Primarily long term, Euro-denominated, triple-net
and inflation-linked leases
•
•
•
Internal and multi-disciplinary management
platform
‒ extensive experience in target markets
‒ +220 professionals mainly located in Warsaw
and Bucharest
Sustainable dividend policy
‒ 90% of EPRA Earnings
‒ €0.34 cents for the FY20
Strong and supportive shareholder base including
and CPI Property Group (29.6%), Growthpoint
Properties (29.5%) and Aroundtown (22.0%)
Select Metrics
€3.0bn
GAV
64
Standing Properties
1,271.3k
Standing GLA
€2.3bn
Green GAV
€183.4m
An. Contracted Rent
4.5yrs
WALL
90.9%
Occupancy
69.9k
Dev’t GLA
37.8%
LTV
BBB – / Baa3
Credit Rating
2.7%
Avg. debt cost
€1.3bn
in 3 Eurobonds
Geographic Split
(% GAV)
Property Type
(% GAV)
Property Status
(% GAV)
Romania
46.9%
Other
4.4%
Industrial
4.8%
Mixed-
use
9.0%
Poland
53.1%
* Figures present the Combined Portfolio of Globalworth as at 31 December 2020.
** Developments: Include Renoma in Poland which is under extensive refurbishment / repositioning.
Land for Future
Development
2.7%
Developments
4.8%
Office
81.8%
Standing Properties
92.5%
2
5-Year Portfolio Evolution
Portfolio Value
(€m)
GLA Standing
(‘000s sqm)
GLA Commercial Standing
(‘000s sqm)
GLA Commercial Standing Occupied
(000’s sqm and %)
3,500
3,000
2,500
2,000
1,500
1,000
500
-
1,400
1,200
1,000
800
600
400
200
-
1,400
1,200
1,000
800
600
400
200
-
1,200
1,000
83%
800
600
400
200
-
93% 95% 95%
91%
100%
80%
60%
40%
20%
0%
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Romania
Poland
Romania
Poland
Romania
Poland
Romania
Poland
%
Portfolio Concentration
(€m)
Green Portfolio
(€m)
Green Certified Properties
(Number of Properties)
Contracted Rent
(€m)
3,500
3,000
2,500
2,000
1,500
1,000
500
-
2,500
2,000
1,500
1,000
500
-
60
50
40
30
20
10
-
250
200
150
100
50
-
2014 2015 2016 2017 2018 2019 2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Bucharest New CBD
Regional Romania
Regional Poland
Bucharest Other
Warsaw
Romania
Poland
Romania
Poland
Romania
Poland
3
5-Year Financial Performance
Rental Income
(€m)
Adjusted Normalised EBITDA (€m)
(€m)
EPRA earnings/share
(€ cents)
Dividend per share
(€ cents)
180.0
160.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
-
160.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
-
50
45
40
35
30
25
20
15
10
5
-
70.0
60.0
50.0
40.0
30.0
20.0
10.0
-
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Group
Group
Group
Group
Loan to Value
(%)
EPRA NAV per Share
(€)
Total Annual Shareholder Return
(%)
Cost of Debt
(%)
50.0
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
-
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
40.0
30.0
20.0
10.0
-
(10.0)
(20.0)
(30.0)
2016
2017
2018
2019
2020
6.0
5.0
4.0
3.0
2.0
1.0
-
2016
2017
2018
2019
2020
Group
Group
Group
Group
4
2020 Key Highlights
Skylight & Lumen, Warsaw
5
2020 Key Highlights
Focus on safeguarding our business, protecting our assets and minimising our exposure to the impact of Covid-19
Covid-19 Pandemic
& Impact in Poland
and Romania
Global Covid-19 pandemic outbreak in March 2020 impacting the way we live and operate
• High number of confirmed cases, especially during the summer period, with more than 114.7m and 34.1m cases Globally
and in Europe respectively as at 28 February 2021
Our Markets of Focus Poland and Romania, have reacted relatively well to the pandemic
• Poland and Romania have performed relatively well since the beginning of the pandemic ranking 29th and 32nd in Europe
with 45.1k (1.1k deaths) and 41.9k (1.1k deaths) of total confirmed cases per 1-million population respectively
• No measures adopted result to any forced closure of office and industrial premises, or essential retail businesses
‒ Leasing from such spaces generate over 95% of our contracted rent.
Ensuring Health &
Safety for People in
our Properties and
the Wider
Communities
Protecting the people who work and visit our properties, as well as our wider communities
• Implemented several measures aiming at minimising exposure to Covid-19 and raising awareness
‒ Established detailed action plan in case of a Covid-19 case being detected in one of our buildings
‒ Performed frequent disinfections in high traffic areas, maintained continuous communication with our partner on
Covid-19 related matters, installed hand disinfection stations, established a circulation protocols and other
The Globalworth Foundation
• Globalworth Foundation focused its efforts primarily in the fight against the Covid-19 pandemic in Romania and Poland.
• Maintained our strong focus of giving back to our community with Globalworth Foundation contributing over €1.6m in 26
initiatives, with the majority targeted directly or indirectly in the fight against Covid-19 in Romania and Poland.
Strengthened Our
Position in Our
Markets Through
Selected
Risk-adjusted
Investments
• Reviewed our development and investment pipeline considering the Covid-19 pandemic outbreak
• Focused only on development 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 95.8k sqm of GLA
‒ Reduced our original expected development capex for 2020 by more than €36.0m
‒ 1 class “A” office under construction at 31 December in Romania which upon completion will add 29.1k sqm
‒ Total investment of €54m in developments in 2020
• All other developments and new investments were suspended or put on hold / review
* Covid-19 update as at 28th February 2021.
6
2020 Key Highlights (cont’d)
Effective Asset &
Property
Management
Initiatives
• Highest volume in leasing with 303.5k sqm of GLA signed and/or extended at an average WALL of 3.9yrs
‒ 74.3% of our leasing activity involving lease renewals with our existing tenants;
‒ New agreements signed with c.20% of our office tenants for 132.2k sqm (ie 15.7% of our office leased space)
• Standing commercial occupancy remained high at 90.9% (91.7% including tenant options), impacted by
‒ the delivery of properties under development still in lease-up stage
‒ a 3.3% decrease in LfL occupancy due to the very challenging market environment
• From the net space returned c. 70% was directly or indirectly impacted by COVID-19, thus not relocating to other office
properties
• Annualised contracted rent of €183.4m
‒ 91.3% from office and industrial properties which remained largely unaffected by measures taken by the authorities
against Covid-19
• Renovation & upgrade programme continued with €13.0 million invested in our properties in 2020.
‒ Additional works of over €12.0 million planned for this year to be carried out in the future.
• Commenced in Q4-2020 the refurbishment / repositioning of the Renoma mixed-use property in Poland, aimed at
converting it into an office building and model it based on the success of the Hala Koszyki redevelopment in Warsaw
Preserved and/or
Protected
Operational
Efficiency
• Portfolio predominantly comprising of office and industrial spaces with limited exposure to retail
• Rate of collections for rents invoiced and due remained high at 99% during 2020
• Continued to internalise property management, with c.89% (by value) of assets managed in-house driving enhanced
customer focus (94% of office and mixed-use properties)
• Approximately 54.0% of the claims by value were settled without a cash impact on the rental income and from the claims
settled approximately half resulted to a lease maturity extension
‒ Impact on yearly Net Operating Income was limited to 2.3%
7
2020 Key Highlights (cont’d)
Maintained an
Efficient
and Flexible
Capital structure
Investment in
Sustainable
Environment &
Communities
Solid Operating
Financial
Performance
• Maintained investment grade rating by all three major rating agencies
‒ Moody’s affirmed Globalworth's Baa3 rating and changed its outlook to “negative” due to their change of outlook
on Romania in April
‒ Fitch and S&P affirmed Globalworth’s BBB- rating and “stable” outlook in May 2020 and March 2021 respectively
• Issued our inaugural green bond in July, raising €400m with a 6 year term (coupon 2.95%), in a transaction which was more
than 2x oversubscribed
• Further improved our debt maturity profile, through the repurchase of c.41% of the notes maturing in 2022 at a 2.0%
premium to their par value
• Liquidity of c.€743m (31 December 2020), including committed undisbursed credit facilities
• Added 10 environmentally certified properties to our portfolio in 2020
• €2.3bn in environmentally friendly properties
‒ 47 green standing certified properties, accounting for +80% of our standing commercial portfolio
‒ 17 other properties in certification or re-certification process
• Issued our second sustainable development report for the Group for the FY 2019
• Further formalised our commitment to green financing initiatives, though our Green Bond Framework for which we
received a second-party confirmation by Sustainalytics
• Net Operating Income of €157.3m for 2020, 6.5% higher compared to 2019
• Net profit (excl. revaluations) of €69.4m for 2020, 19% higher compared to 2019
• Revaluation losses mainly impacted by Covid-19, however counterbalanced by delivered developments, so overall GAV has
remained stable
‒ Net loss (incl. revaluations) of €46.8m, however
‒ EPRA NAV of €1.92bn or €8.68 per share (€9.30 per share at YE-19)
• Total dividend for FY2020 of €0.34 per share representing an amount of at c.90% of the EPRA Earnings for the first and
second six months of the year, as stipulated by our articles of incorporation.
Strengthened
Shareholding Base
• CPI Property Group became the largest shareholder in Globalworth, holding 29.6% of the share capital
• Growthpoint Properties and Aroundtown hold 29.5% and 22.0% of the share capital respectively
8
Portfolio & Operational Performance
Renault Bucharest Connected
9
Asset Management / Leasing Review
• Record year in Leasing
Key Metrics
‒ +303.5k sqm negotiated take-up (including
expansions) or extension representing 25% of
our standing commercial portfolio
‒ 75% of leasing involving extensions
‒ Agreements signed with 20% of office
tenants for 132.2k sqm (15.7% of our leased
offices)
‒ Average WALL of 3.9 years
‒ 280.5k sqm signed post Covid-19 outbreak
Leasing Activity by Type (k sqm)
Leasing Activity by Country (k sqm)
3.4 yrs
225.5
New Leases: 78.0k sqm
5.8 yrs
63.8
4.9 yrs
14.2
60.7%
184.3
39.3%
119.2
New Leases
Expansions
Extensions
Romania
Poland
Focus mainly on lease extensions due to
Notable Leases
‒ Expiration profile of leases, with c.18% of
contracted rent expiring in 2020/21
POLAND
Asset
Tenant
GLA
Type
Asset
Tenant
GLA
Type
ROMANIA
‒ Prevailing market environment
‒ Significant part (53.1%) of the office tenant
in
concessions
claims
exchange for extensions in lease duration
settled by
rent
Effective rent 7%-30% lower vs headline
‒ the average for the year was c.21% (25% in
2019).
West Gate &
West Link
Nokia
Solutions
29,6k Renewal
PIP
Dacia
68,4k
Renewal
Renoma
DXC
10,7k Renewal
UniCredit
HQ
UniCredit
17,4k
Renewal
Hala Koszyki Mindspace
5,6k Renewal
City Offices BRD
9,0k
New Lease
Renoma &
Supersam
Calypso
3,5k Renewal
CBP 1
PepsiCo
6,4k
New Lease
Silesia Star Hireright
3,2k Renewal
BOC
Honeywell
4,7k
Expansion
25 Assets
Other 154
Tenants
66.8k
17 Assets
Other 65
Tenants
78.4k
10
•
•
Asset Management / Occupancy
•
Standing Portfolio Occupancy Mainly
Impacted by Covid-19
‒ Standing Occupancy of 90.9% (91.7% incl.
tenant options) at YE-20 down by c.4.0%
compared to 31 Dec 2019
Poland: 89.4% occupancy
Romania at 92.0% (93.5% incl. tenant
options) occupancy
‒ Occupancy decreased mainly in the final part
of the year
‒ LfL standing occupancy of 91.8% at YE-20,
down by 3.3% vs 31-Dec-19
Occupancy Evolution
95.0%
(incl. tenant options)
0.3%
94.2%
(incl. tenant options)
0.9%
94.7%
93.3%
91.7%
(incl. tenant options)
0.8%
90.9%
31-Dec-19
30-Jun-20
31-Dec-20
Standing Properties
Tenant Options
>70% of the net space returned did not
relocate to other office properties
Outlook
Decision for the remainder of the space
taken prior to pandemic outbreak
‒ Overall occupancy also impacted by new
developments delivered in 2020 which are
currently in their lease-up stage
•
•
Ongoing strengthening of asset management function across Poland and Romania
with c.78% of assets managed in-house driving enhanced customer focus
Gradual market improvement in 2021-future as we share real estate experts
sentiment of:
‒ the "wait-and-see" approach used by many corporates will have to turn to action in
the short-medium term
‒ CEE being will be the preferred location in incorporating near-shoring strategies
which are to be deployed by several international new corporates
11
Asset Management / Sustainable Rental Income
•
•
Total contracted rent of
€183.4m
‒ +97% from commercial
spaces
‒ 97.9% from active leases
Total commercial
contracted GLA: +1.1m sqm
• >650 tenants in our
portfolio
‒ Most of the portfolio let to
national and multinational
corporates that are well-
recognised names in their
respective markets
• WALL: 4.5 years
Commercial Rent: Lease Expiration Profile (€m)
Commercial Rent: Commencement Period (€m)
4.7
174.9
3.2
0.3
0.3
4.7
178.7
7%
12% 12% 12% 18% 9%
10% 16% 12% 19% 10%
8%
6%
6%
5%
3%
7%
10% 16% 12% 19% 10%
6%
5%
3%
11%
3% 16%
3%
11%
95%
5%
100%
2021 2022 2023 2024 2025 2026 2027 2028 2029 ≥2030
Active
H1-21
H2-21
H1-22
H2-22
>2022
Total
Standing Properties
Refubishment
Standing Commercial Rent: Tenant Origin (€m)
Commercial Rent: Tenant Concertation
State Owned,
1.9%
National,
21.1%
Multinational,
77.1%
100.0%
84.7
•
•
•
Largest Tenant 5.0%,
Top 3 Tenants 10.6%
Top 10 Tenants 26.7%
46.6%
53.3%
70.1
38.2%
15.4
12.3
1-20
21-30
31-40
41-718
Rent (€m /yr)
Cumulative % of total
12
Asset Management / Rent Collections & Impact on NOI
% of Portfolio
by Contracted
Rent1
% of Portfolio
% Collection rate4
Affected by
Lockdown
Now
Operational2
2019
2020
Comments:
GLA Space Type
Office
Retail
Industrial
Other
6%
5%
2%
87%3
0%
100%
69%*
100%*
99%
97%
99%
91%
0%
0%
100%
100%
100%
100%
97%
99%
• Office areas are fully operational with
activity level close to normal levels.
• Part of retail spaces affected by Covid-19
restrictions in Poland and Romania.
• Activity in industrial buildings is mainly
unaffected.
• “Other” type of areas include Upground
than 1% of
Residential Project
contracted Rent) and other auxiliary areas
(less
TOTAL Portfolio
100%
6%
100%
99%
99%
• Normal
rental
collection compared to
0%
100%
0%
100%
previous year.
• 6.1% of annualised contracted rent at YE received and settled
• c.54.0% of the claims by value were settled without a cash
Claims
impact on rental income
• From the claims settled c. ½ resulted to a lease maturity
extension
NOI
Impact
• Limited to 2.3% of NOI
(1) % from Contracted rent for Standing Properties as of Dec 31st,2020
(2) As per local regulations on Covid-19; Info as of Dec 31st, 2020
(3)
Includes contracted rent for parking spots
(4) Data on amounts invoiced up to 20YE collected as of March 12th,2021
* Gyms and restaurants operating in office GLA are included in Retail Portfolio
13
Developments
•
Projects Delivered in 2020: 95.8k sqm
‒ Class “A” Offices:
Globalworth Campus T3 in Bucharest
offering 33.6k sqm (BREEAM Excellent)
Podium Park II in Krakow offering 18.8k
sqm (BREEAM Outstanding)
‒ Industrial (developed in JV where own 50%
interest):
Constanta Business Park (phase A) with
20.6k sqm
Chitila Logistics Hub (phase A) 22.7k sqm
‒ Total GLA delivered by the Group in the past
6 years of 355.8k sqm
• Under Construction:
•
‒ A class “A” office project under construction
in Bucharest - Globalworth Square
‒ Estimated Avg Development Yield: 9.8%
Future Developments:
‒ Additional 872.4k sqm can be developed in
phases in 7 locations in Romania and Poland
in the future
‒ GAV of future developments accounting for
2.4% of total portfolio
‒ Estimated Avg Development Yield: 10.3%
Developments Overview
Number
of
Properties
Poland
Romania
2020 Deliveries
Romania
Under
Construction
Poland
Romania
Office
Industrial
Future
Developments
Total
1
3
4
1
1
-
-
-
-
-
-
GLA
(K sqm)
Est. Rent
(100%)
(€m)
Capex
Invested
(€m)
Remaining
Capex (€m)
Est. Yield on
Cost (%)
GAV
(€m)
41.8
103.8
145.6
42.4
18.8
77.0
95.8
29.1
42.4
29.1
9.6
64.4
27.7
36.7
17.7
854.7
76.0
778.7
3.4
8.0
11.4
5.6
5.6
3.1
52.0
13.9
38.1
74.0
872.4
55.1
261.9
997.3
72.0
211.3
42.6
77.4
120.0
39.8
39.8
8.5
43.0
15.1
27.9
51.5
-
-
-
17.5
17.5
29.7
455.3
103.3
352.1
485.0
502.5
7.9%
10.3%
9.5%
9.8%
9.8%
8.1%
10.4%
11.7%
10.0%
10.3%
10.1%
(1)
Figures presented as at 31 December 2020,.
Construction to start subject
to tenant demand
and market conditions
14
Developments: Completed in 2020
Projects
Status
Type
GLA (k sqm)
GAV (€m)
Occupancy:
Passing Rent:
Potential Rent at 100% Occupancy
Yield on Development Cost
Globalworth
Campus T3
Constanta Business Park
Chitila Logistic Hub
(Phase A)
(Phase A)
Podium
Park II
Delivered in Jan 2020
Delivered in Jul 2020
Delivered in Sep 2020
Delivered in Sep 2020
Office,
Bucharest
33.6
78.0
70.7%
(90.8% incl. options)
3.9
5.9
10.6%
Industrial,
Constanta
20.6
12.0
69.2%
0.6
0.9
8.9%
Industrial,
Bucharest
22.7
13.8
100%
0.9
1.1*
10.2%
Office,
Krakow
18.8
41.8
82.6%
2.9
3.4
7.9%
*For calculation of Yield on cost we have applied ERV on short term leases
GW Campus T3
(Bucharest)
Constanta Business Park
(Constanta)
Chitila Logistics Hub
(Bucharest)
Podium Park II
(Krakow)
15
Developments: Under Construction
Secured Projects
Status
Type
Est. GLA (k sqm)
Cost / Capex to YE-2020 (€m)
GAV (€m)
Est. Remaining Capex (€m)
Est. Rental Income (100%)
Est. Yield on Cost
Est. Yield on GAV + Capex
Est. GLA (k sqm)
Globalworth
Square
Under Construction
Office,
Bucharest
2021E
39.8
42.4
17.5
5.6
9.8%
9.3%
29.1
Occupancy as at 28 Feb. 2021 was 36.8%.
Wipro, a leading global information technology, consulting and business process
services company, is the anchor tenant in Globalworth Square.
16
Refurbishment / Repositioning: Renoma
• Renoma is a landmark mixed-use property
Refurbishment / Repositioning Overview
in Wroclaw
•
•
First opened in 1930 and was last
renovated in 2009
Property is under refurbishment /
repositioning, in a process which started
in the second part of 2020, aiming at:
‒ increasing the offering of Class “A” office
space on the higher-floors
‒ reconfiguring its high-quality retail &
commercial spaces with food and
entertainment offering on the ground and
lower floors, including select retail
• Works expected to be completed in H1-
2022, with a total capex investment
expected at €20.0m
‒ Works to performed do not impact Renomas’
BREEAM Excellent certification status
Renoma on delivery
• Total GLA: 47.4k sqm
‒ 16% increase
• Office GLA: 32.0k sqm
‒ +3x increase
• Retail GLA: 14.5k sqm
‒ (50% reduction)
•
Indoor Parking: c.500 spaces
• Bicycle parking : c.100 spaces
17
Standing Portfolio
•
Standing Portfolio: €2.8bn
‒ Overall standing portfolio value remained
effectively unchanged in H1-20
‒ LfL value decreased by 2.6% mainly as a
result of widening yields and/or discount
rates due to Covid-19
• New Additions:
‒ Two Class “A” offices in Bucharest and
Krakow with 52.4k sqm GLA.
‒ Two high-quality industrial facilities in
Romania with 43.4k sqm GLA (50% interest)
•
•
37 investments with 64 standing
properties offering 1.3m sqm
LfL Occupancy Rate: -3.3%
‒ 91.8% (94.9% in 2019)
‒ Occupancy decrease due to expiration of
certain leases and longer than average time
for signing new contracts as tenants re-assess
their occupational plans due to Covid-19
• Overall Occupancy Rate: 90.9%
(91.7% including options)
‒ -4.0% (94.7% in 2019)
‒ Delivery of 4 properties which are at their
lease-up stage further impacted our overall
average occupancy
Key Metrics
Standing GAV1 (€ m)
2,805
2,845
1,619
1,497
1,225
1,308
Standing GLA1 (k sqm)
1,271
1,214
Contracted Rent1(€ m)
184
179
586
627
566
705
105.0
97.0
79.5
81.7
2019
Romania
2020
Poland
2019
Romania
2020
Poland
2019
Romania
2020
Poland
Green Portfolio (€ m)
2,350
2,262
1,226
1,172
Occupancy GLA (%)*
WALL (years)*
94.7%
90.9%
94.1%
89.4%
4.5
3.7
4.5
3.5
1,036
1,177
95.3%
92.0%
5.6
5.6
2019
Romania
2020
Poland
2019
Romania
2020
Poland
2019
Romania
2020
Poland
(1) Includes c.33.7k sqm and c.32.4k sqm of residential space in 31 December 2019 and 2020 respectively.
* Refers to commercial
18
Our Portfolio Snapshot
Podium Park
19
Globalworth’s Leading CEE Platform: YE2020
As of 31 Dec 2020
Standing Investments(2)
GAV(3) / Standing GAV
Occupancy(4)
WALL
Standing GLA sqm(5)
Contracted Rent(6)
Globalworth Poland(1)
Globalworth Romania(1)
Globalworth Group(1)
20
17
37
€1,610m / €1,497m
€1,423m / €1,308m
€3,033m / €2,805m
89.4%
3.6 years
566.2k sqm
€101.7m
92.0%
(93.5% including tenant options)
90.9%
(91.7% including tenant options)
5.6 years
705.1k sqm
€81.7m
4.5 years
1,271.3k sqm
€183.4m
GAV Split by Asset Usage(1)
Mixed
(Office / Retail)
17%
Other 9%
Light Industrial /
Logistics 10%
GAV Split by City(1)
Office
83%
Warsaw,
44%
Pitesti, 3%
Timisoara
6%
Gdansk,
4%
Lodz, 4%
Katowice,
11%
Wroclaw, 15%
Krakow, 22%
Logistics / Light
Industrial 5%
Mixed
(Office / Retail)
9%
Other 4%
Office
82%
Gdansk 2%
Lodz 2%
Katowice 6%
Krakow 11%
Wroclaw 8%
Poland
53%
Warsaw
23%
Bucharest
42%
Romania
47%
Timisoara 3%
Pitesti…
Constanta 1%
Office
81%
Constanta, 2%
Bucharest
89%
(1) Assets owned under JV are presented at 100% (e.g. Chitila Logistics Hub and Constanta Business Park), to
reflect “Combined Portfolio”.
(2) Standing Investments representing income producing properties, not in redevelopment phase (e.g.
Renoma). 1 investment can comprise multiple buildings. e.g. Quattro Business Park comprises 5 buildings or
1 investment .
Includes all property assets, land and development projects at 30 Dec 2020 valuation.
(3)
(4) Occupancy of standing commercial properties, and in the case of Poland, including office rental guarantees.
Including 32.4k sqm of residential units in Romania.
(5)
(6) Total contracted rent comprises:
•
Rent from commercial and residential standing properties (€177.7m & €1.0m respectively), which includes
contracted rent under master lease agreements, €4.7m rent in assets under redevelopment (Renoma), as of
31 December 2020.
* Occupancy level in Poland and Group level, adjusting for Renoma which is under partial redevelopment of
87.6% and 89.9% respectively
20
Best In Class Office & Mix-Use Portfolio in Poland …
Gdansk
53.1% of our portfolio by value
is in 6 cities in Poland
Wroclaw
WARSAW
Lodz
Katowice
Krakow
Warsaw
GAV
Standing Properties
Standing GLA
Standing Occupancy
Standing Contracted Rent:
Standing 100% Potential Rent
Regional Poland
GAV
Standing Properties
Standing GLA
Standing Occupancy
Standing Contracted Rent:
Standing 100% Potential Rent
Future GLA
Future ERV
€711.3m
14
210.9k sqm
85.6%
€42.4m
€49.8m
€898.9m
24
355.4k sqm
91.7%
€54.6m
€59.7m
58.6k sqm (25.2k sqm let)
€10.5m (€4.7m contracted)
Tryton Business House
(Gdansk)
Nokia Campus
(Wroclaw)
Quattro Business Park
(Krakow)
Skylight & Lumen
(Warsaw)
Hala Koszyki
(Warsaw)
21
… and Best In Class Office & Industrial Portfolio in Romania
705k of high-quality standing
space, and a further 884k sqm
that can be developed in the
future, in 4 cities
Timisoara
Pitesti
BUCHAREST
Bucharest’s new CBD although
has the highest concentration
by value this has decreased
from 73.4% in 2016 to 30.8% in
2020
Constanta
Bucharest
GAV
Standing Properties
Standing GLA
Standing Occupancy
Standing Contracted Rent
Standing 100% Potential Rent
Future GLA
Future ERV
Regional Romania
GAV
Standing Properties
Standing GLA
Standing Occupancy
Standing Contracted Rent
Standing 100% Potential Rent
Future GLA
Future ERV
€1,259.1m
19
494.7k sqm
87.9% (89.9% incl. options)
€72.2m
€81.0m
158.1k sqm (10.7k sqm let)
€21.8m (€2.6m contracted)
€163.7m
7
210.4k sqm
97%
€9.5m
€9.8m
725.7k sqm
€35.8m
GW Tower, Green Court & GW Plaza
(Bucharest)
Globalworth Campus
(Bucharest)
Unicredit Tower
(Bucharest)
Renault Bucharest Connected
(Bucharest)
Pitesti Industrial Park
(Pitesti)
22
Sustainable Development Update
23
Sustainable Development Update: (Green) Places
Green Buildings
•
10 environmentally certified properties added to our
portfolio in 2020
‒ Podium Park II: Our 2nd property to receive BREEAM
Outstanding
‒ Globalworth Campus Tower 3, became the highest BREEAM
Excellent rated property in our portfolio
•
48 green certified properties valued at €2.3bn at YE20
‒ 81.8% of our standing commercial portfolio by value is Green
‒ 1 property green certified property under refurbishment
• BREEAM accredited properties account for 76.9% (by
value) of green portfolio
•
17 properties currently in certification or re-certifying
process principally targeting BREEAM accreditations
Green Status of Standing Portfolio (€ GAV)
BREEAM – 62%
35%
24%
LEED – 17%
EDGE – 2%
20%
3%
10%
7%
2%
Green Bond Framework
•
Issued the Globalworth Green Bond Framework to
further demonstrate our commitment in sustainable
development and access to Green Financing
• Received a 2nd party confirmation by Sustainalytics, one
of the leading providers for external reviews in the Green
Bond Market
Sustainalytics:
“Globalworth’s Sustainable Development Strategy demonstrates a strong
commitment to sustainability, with a focus on three key environmental
principles:
•
integrate efficient and sustainable operating policies, procedures and
actions;
be accountable as a team of professionals for environmental stewardship;
•
• work with stakeholders to make environmentally responsible decisions
Outstanding Excellent Very Good
Platinum
Gold
EDGE
U.C.
24
Sustainable Development Update: People
Our Communities
• We view our role as increasingly responsible towards the people
that work at and visit our properties, as well as towards the wider
community of which we consider ourselves to be an integral part.
• We own >1.2m sqm of high-quality real estate space where more
than 200k people work or visit daily under “normal” conditions.
•
Health and safety has been of increased focus due to Covid-19
‒ Close monitoring of the pandemic outbreak, respecting
measures and recommendations at a European level, by the
WHO, and at country and local levels
‒ Implementation of preventive measures in our properties
‒ Increased awareness
‒ Detailed action plan in place should a case of Covid-19 case be
detected in our properties or development sites
‒ Cancelled all physical events planned at our properties,
including Globalworth District events
• Maintained our strong focus of giving back to our community
with Globalworth Foundation contributing €1.6 million in 26
initiatives, with the majority targeted directly or indirectly in the
fight against Covid-19 in Romania and Poland
‒ Further engaged with our communities though our very
successful “I miss my office” campaign allowing our tenants in
Poland and Romania to interact with us and each other over
social media and radio.
‒ Became a founder partner of Endeavor Romania. Endeavor is a
mission driven non-profit global organization that supports and
accelerates high-impact entrepreneurs.
25
Sustainable Development Update: Technology
Selected Initiatives
Venture Capitals
Globalworth Square: Ice Storage
Total commitment of €4.4m in two leading
venture capital funds, where we are
principally focused on real estate solutions
Ice storage unit which allows the use of
ice produced at night hours to be used at
daytime
Hi-Tech Learning Center
Continued investing directly or indirectly in
selected opportunities and initiatives
Venture Capitals
• We participate in 2 venture capital funds
‒ Principally focused on real estate solutions in the
domain of smart buildings/smart city, mobility and
energy, property automation and real estate
software
Other Technology Initiatives:
‒ The ice storage system and geothermal energy
systems in our Globalworth Square development
targeting to lower energy/occupational costs and
efficiencies in the property
‒ The Property App, which is focused on providing
smart touchless solutions in the property
‒ The Hi-Tech Learning Center, developed in
collaboration of the Globalworth Foundation and
the University of Architecture and Urbanism in
Bucharest
The center provides a mix of technologies
such as a modular space equipped with a
complete VR solution
The center to benefit over 3.5k future architects annually, as it will provide a mix of
technologies, allowing the building and communication of their creative ideas.
26
Sustainable Development Update: Reporting
Annual Reporting
•
The 2nd Sustainable Development report, covering the
year 2019 is available at:
www.globalworth.com/sustainability
‒ The 3rd update to become available later in 2021 in line with
reporting cycle
• Annual reporting prepared in accordance with:
‒ the Global Reporting Initiative (GRI) Standards - core option,
‒ the EPRA’s Sustainability Best Practice Reporting
Recommendations (EPRA sBPR)
• Received 16.0 Low risk ESG Risk Rating from
Sustainalytics in 2020
• Received two awards by EPRA
‒ EPRA sBPR Silver Award
‒ EPRA sBPR Most Improved Award
Reporting
EPRA Awards
27
2020 Capital Markets Performance
Renoma
28
Capital Market Performance / Equity
•
•
•
CPI Property Group became the largest
shareholder
in Globalworth, holding
29.6% of the share capital
Share price performed well in the first
part of 2020:
‒ trading at par or above EPRA NAV level
‒ weighted average trading price of €9.71
between 1 January and 4 March
‒ year-high price reached at the end of January
at €10.1 / share
investment
The limited free float and liquidity
following the CPI
in the
company has impacted Globalworth's
2020 share price performance as our top
5 and very credible shareholders own
+90% of the share capital:
‒ 2020 Total share price performance for the
year: -23.8%
‒ 2020 Total shareholder return (including
dividends): -18.6%
2020 Share Price Performance
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
0
2
-
n
a
J
0
2
-
b
e
F
0
2
-
r
a
M
0
2
-
r
p
A
0
2
-
y
a
M
0
2
-
n
u
J
0
2
-
l
u
J
0
2
-
g
u
A
0
2
-
p
e
S
0
2
-
t
c
O
0
2
-
v
o
N
0
2
-
c
e
D
Globalworth Share Price
FTSE/EPRA Developed Europe (ex UK)
FTSE/EPRA Global
Shareholding Structure
31 December 2019
Other
24.5%
Growthpoint
Properties
29.3%
31 December 2020
Other (sub-5%)
8.6%
EBRD
5.0%
CPI Property
Group
29.6%
EBRD
5.0%
Altsuler
Group
6.2%
I. Papalekas
13.1%
Aroundtown
21.9%
Oak Hill
Advisors
5.3%
Aroundtown
22.0%
Growthpoint
Properties
29.5%
29
Capital Market Performance / Eurobonds
Simple capital structure, with 3 Eurobonds of Euro 1.3bn outstanding at year-end accounting for 77.7% of our total debt
• Our progress in 2020
‒ H1-2020, €1.1bn in two Eurobonds maturing
in 2022 and 2025
‒ In July, we issued a €400m inaugural green
bond, with part of the proceeds used for
repurchasing c.41% from the 2022 notes
€1.5bn EMTN program in place
‒ €550m raised in 2018 (GWI 18/25 bond)
‒ €400m raised in 2020 (GWI 20/26 bond)
Eurobonds rated at Investment Grade by
all 3 agencies
‒ Moody’s: Baa3 ratings and changed its
outlook to negative
‒ S&P & Fitch: BBB- rating and maintained
•
•
their stable outlook
• Unsecured revolving credit
facility in
place
‒ €200m fully used in March 2020 and repaid in
August 2020
‒ Increased limit to €215m
2020 Eurobond Yield Performance
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
-
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
1.44%
0.67%
1.87%
1.48%
0.67%
GWI bond 17/22
GWI bond 18/25
GWI bond 18/26
Selected Metrics
Performance of the Globalworth Bonds
GWI bond 17/22
Closing price
Yield to maturity at period-end
GWI bond 18/25
Closing price
Yield to maturity at period-end
GWI bond 20/26
Closing price
Yield to maturity at period-end
Dec 31st 2019
105.4%
0.671%
Dec 31st 2020
103.2%
0.674%
107.8%
1.440%
-
-
106.2%
1.475%
105.4%
1.874%
30
2020 Financial Results
31
FY 2020 – FINANCIAL HIGHLIGHTS
• Globalworth
maintained its
Operational
profitability growth
trend despite the
global impact of
COVID-19 in 2020
aided by the further
expansion of its
platform during
2019
• Valuation and
underlying per share
metrics impacted by
negative
revaluations due to
Covid-19, and higher
share base mainly
from equity capital
markets activity in
2019
Portfolio Value1
€3.0bn
YE-2019: €3.0bn
Rental Income
€160.5m
+5.9%
NOI
€157.3m
+6.5%
EPRA Net Asset Value
€1.92bn
-7.2%
IFRS Earnings before tax
-€30.5m
2019: +207.7m
Adj. Normalised EBITDA2
€141.6m
+9.8%
EPRA NAV / share
€8.68
-6.7%
LTV
37.8%
YE-2019: 34.7%
Av. Debt Interest Rate
2.73%
2019: 2.83%
IFRS Earnings
-€46.8m
2019: +170.2m
EPRA Earnings
€82.3m
+1.7%
Dividend3
€75.1m
2019: €124.7m
IFRS EPS
-€0.21
2019: €0.93
EPRA EPS
€0.37
-15.9%
Dividend / Share3
€0.34
2019: €0.60
Please refer to the published Audited 2020 Financial Statements for full disclosures.
(1)
Combined real estate portfolio includes the Group’s Investment Property - Freehold as at 31 December 2020, plus
investment properties held as Joint Ventures presented at 100%.
Earnings Before Interest (finance cost), tax, depreciation, amortisation of other non-current assets, gain on acquisition of
subsidiaries, fair value movement on investment property, and other non-operational and/or non-recurring income and
(2)
expense items. This includes the share of minority interests for 2019 only as there was no minority interests in 2020. The
2019 comparative has been adjusted downwards by €5.8 million, related to the apportionment of part of the NOI G/RGA
settlement amount, recorded in full in 2018 in line with related IFRS provisions.
Dividend related to the year ended 31 December 2020.
(3)
32
Financial Highlights: Income Statement
Condensed Income Statement
Comments
1. The main drivers for the increase in rental income were:
• +€8.2m recognised in 2020 Vs 2019 from standing properties acquired in Poland in
2019
• +€8.1m from properties fully consolidated or completed in Romania
‒ of which RBC (50% JV partner’s share acquired in Dec. 19): €5.7m
• Increases in rental income partially offset by €7.3m due to LfL reductions in standing
properties (€6.0m in Poland and €1.3m in Romania)
2. Fair value loss of €116.2m in 2020, mainly from our Polish portfolio
• Poland accounted for 75% and Romania 25%
3. Finance costs Higher following the issue of €400m green bond (GWI 20/26) in July
2020 (€1.3bn total bonds outstanding), and the interest paid for the €200m RCF facility
which was outstanding for a few months in 2020.
4. Joint Venture profits decreased mainly due to acquisition of the RBC subsidiary in
Dec-19, which was consolidated as a 50% owned joint venture for 11-months in 2019.
5. Deferred tax expense Lower mainly due to fair value losses on investment property,
tax depreciation recorded under local GAAP and decline in RON and PLN exchange rate
against EURO compared to 2019.
6. Non-controlling interests: Globalworth Poland ownership gradually increased to
100% by YE-19.
7. Adjusted normalised EBITDA removes certain items, including fair value gains on
property and non-recurring income and expenses. Increased by €12.6m mainly due to
€9.6m increase in NOI and €1.3m decrease in administrative expenses.
Please refer to published audited 2020 Financial Statements for full disclosures. Note that numbers may not add correctly due to rounding.
33
Financial Highlights: Balance Sheet
Condensed Balance Sheet
Comments
2019
Variance % Chg
1
2
3
4
5
€m
Investment property
Investment in joint ventures
Equity investments
Other non-current assets
Financial Assets (ROFOs)
Non-current assets
Financial Assets (ROFOs)
Other current assets
Cash and cash equivalents
Current assets
Total assets
Share capital & related reserves
Retained earnings
Total equity
Interest-bearing loans and borrowings
Deferred tax liability
Lease liabilities
Other non-current liabilities
Non-current liabilities
Interest-bearing loans and borrowings
Current portion of lease liabilities
Other current liabilities
Current liabilities
2020
3,013
28
10
20
-
3,049
18
10
50
3
3,072
3,130
8
23
528
558
20
40
292
352
3,630
3,482
1,698
58
1,755
1,604
145
27
6
1,702
213
1,915
1,300
134
30
6
1,783
1,470
26
2
64
92
24
2
71
97
Total equity and liabilities
3,630
3,482
148
IFRS Book Value per share (basic)
EPRA Net Asset Value per share (diluted)
€ 7.97
€ 8.68
€ 8.64
€ 9.30
Shares Outstanding (diluted) - ('000)
221,486
222,410
(€ 0.67)
(€ 0.62)
(924)
(36)
11
1
(30)
(3)
(58)
(13)
(17)
236
206
148
(4)
(155)
(159)
304
11
(3)
1
313
2
(0)
(7)
(5)
-1%
59%
5%
-60%
-100%
-2%
-62%
-43%
81%
59%
4%
0%
-73%
-8%
23%
8%
-9%
9%
21%
7%
-6%
-9%
-5%
4%
-8%
-7%
0%
1. Net reduction of 1% in investment property mainly from:
• Loss on revaluation of portfolio of €116.2m;
Less:
• €14m CAPEX on standing portfolio (Poland 58% / Romania 42%);
• €41m CAPEX on developments (Poland 54% / Romania 46%)
• €27m net additional lease incentive movement (Poland 73% / Romania 27%)
2. Investments in Joint-Ventures:
• Share of profit of joint ventures of €1.9m and interest income on outstanding loans
of €0.7m ; plus
• Net loans to joint ventures movement of €7.9m
3. Cash and Cash Equivalents of €528m at 31 December 2020 increased as a result of:
• Net cash inflow from operations of €105.2m, less
• Cash outflow for investing activities of €46m, plus
• Net cash inflows from financing activities of €177.1m.
4. Retained Earnings:
• Loss for the year of €46.8m and dividends of €108.3m resulted in total reduction of
€155m.
5. Interest-bearing loans and borrowings higher due to:
• €147.3m from secured debt facilities (4 properties) in Poland and Romania
• €163.9m net increase in unsecured facilities following the issue of €400m green
bond (net of partial buy-back of GWI 17/22 bond and issuance costs)
• repayment of secured bank loans of €3.3m and net movement of accrued interest
of €5.0m.
Please refer to published audited 2020 Financial Statements for full disclosures. Note that numbers may not add correctly due to rounding
34
EPRA NAV and Earnings Metrics
€m
Earnings Attributable to Equity Holders (IFRS)
Adjustments per EPRA Guidelines:
Fair Value movement on investment property
Chg. in FV of financial instruments & resp. close-out costs
Losses on disposal of investment properties
Chg. in value of financial assets through P&L
Acquisition costs
Tax credit relating to losses on disposals
Deferred tax charge in respect to above
Adjustments in respect of JVs and other items
Non-controlling interests in respect of the above
EPRA Earnings
EPRA Earnings per share (basic)
2020
(46.8)
116.2
(0.6)
0.4
0.0
2.7
-
12.5
(2.0)
-
82.3
€ 0.37
2019
170.2
(117.7)
0.5
1.6
(1.9)
0.2
(0.0)
29.7
(4.4)
2.7
80.9
€ 0.44
€m
Equity Attributable to Equity Holders (IFRS)
2020
2019
1,755.4
1,914.7
Adjustments per EPRA Guidelines:
Deferred tax liability in respect to property revaluations
171.2
157.6
FV of interest rate swap
Goodwill as a result of deferred tax
Adjustments in respect of JV for above items
EPRA Net Asset Value
EPRA NAV per share (diluted)
0.9
(5.7)
1.7
1.5
(5.7)
1.3
1,923.5
2,069.4
€ 8.68
€ 9.30
IFRS to EPRA Earnings Bridge (€m)
Change in EPRA NAV (€m)
35
Financing Metrics
■ 37.8% LTV
Key Balance Sheet
Metrics
■ 2.73% weighted average interest rate
■ 77.7% debt via unsecured, public debt markets
Debt
Instruments
■ 4.5 years average maturity of debt
■ GWI 17/22 bond: €323.1m @ 2.875% coupon
■ GWI 18/25 bond: €550m (EMTN) @ 3.000% coupon
■ GWI 20/265 bond: €400m (EMTN) @ 2.950% coupon
■ Selective use of secured financing facilities
■ €200m 4.5Y unsecured RCF (undrawn at 31 Dec-20)
■ Long-term LTV target of below 40%
Financing
Strategy
■ Largely unsecured debt structure, but seeks to optimise
flexibility around portfolio and financing management
■ Target diversification across debt maturities
Investment
■ Fitch: BBB-, stable outlook
Grade
■ S&P: BBB-, stable outlook
Credit Rating
■ Moody’s: Baa3, negative outlook
Consolidated Loan to Value Ratio
Extended Debt Maturity Profile – Dec-20 (€m)
€m
31-Dec-20
31-Dec-19
Balance Sheet Debt (at Face Value)
Less: Cash/Cash Equivalents
Net Debt
Add: 50% Share of JV Debt
Less: 50% Share of JV Cash
Combined Net Debt
Investment Property1
Less: Other operating lease commitment
Group Open Market Value
Add: 50% share of JV Property OMV
Group Share of Total Open Market Value
Loan-to-value ratio (“LTV”)
1,661
-528
1,133
4
-0
1,342
-292
1,050
-
-0
1,136
1,050
2,982
-
2,982
26
3,007
37.8%
3,017
-1
3,016
15
3,030
34.7%
700
600
500
400
300
200
100
-
2021
2022
2023
2024
2025
2026
>2027
1Carrying value of lease liability and investment property – leasehold were excluded from the LTV calculation above.
36
Other Supporting Material
37
Strong Growth Potential from Development Pipeline
Future Developments
Globalworth has a number of developments to be developed in the future in phases, mainly office and industrial projects, in
Bucharest and other principal regional cities in Romania, and on completion will offer c.872.4k sqm of high-quality real estate
space, providing an expected blended yield on investment cost of 10.4%. The execution of these development projects will be
pursued depending on market conditions and tenant demand.
Secured Projects
Podium III
Globalworth
West
Chitila Logistics
Hub
(Other Phases)(2)
Constanta Business
Park
(Other Phases)(2)
Timisoara
Industrial Park
(I & II) (Other
Phases)
The Luterana
Development
Green
Court D
Status
Type
Future
Development
Future
Development
Future
Development
Future
Development
Future
Development
Future
Development
Future
Development
Office,
Krakow
Office,
Bucharest
Industrial,
Bucharest
Mix-Use,
Constanta
Industrial,
Timisoara
Office,
Bucharest
Office,
Bucharest
Est. GLA (k sqm)
Cost / Capex to 2020YE (€m)
GAV (€m)
Est. Remaining Capex (€m)
Est. Rental Income (100%)
Est. Yield on Cost
Est. Yield on GAV + Capex(1)
17.7
8.5
9.6
29.7
3.1
8.1%
7.9%
Note: Figures presented as at 31 December 2020.
(1)
(2)
Calculated as Est. Rental Income/ (GAV (Dec 20) + Est. Remaining Capex)
50:50 Joint Venture; figures shown on 100% basis
33.4
5.2
7.8
38.7
5.1
11.5%
10.9%
53.0
3.4
4.0
21.7
2.3
9.3%
9.1%
540.6
11.9
21.4
259.3
28.2
10.4%
10.1%
185.1
7.6
11.3
71.1
7.6
9.6%
9.2%
26.4
7.4
14.0
40.2
5.8
12.2%
10.7%
16.2
2.5
5.9
24.4
3.0
11.2%
9.9%
38
Combined Standing Commercial Portfolio Snapshot:
(data as of 31 December 2020)
Office Portfolio
Bucharest New CBD
Bucharest Other
Romania: Office
Warsaw
Krakow
Wroclaw
Lodz
Katowice
Gdansk
Poland: Office
Total Office Portfolio
Mixed-Use Portfolio
Warsaw
Katowice
Total Mixed-Use Portfolio
Logistics / Light-Industrial
Timisoara
Pitesti
Constanta
Bucharest
Total Logistics / Light-Ind. Portfolio
Other Portfolio
Bucharest New CBD
Upground Complex - Residential
Bucharest New CBD
Upground Complex - Commercial
Total Other Portfolio
Total Standing Commercial Portfolio
Of which Romania
Of which Poland
Number of
Investments Properties
(#)
(#)
Value
GAV
(€m)
Area
GLA
(k sqm)
Occupancy Rate
by GLA
(%)
Rent
Contracted
Rent (€m)
WALL
Years
100% Rent
(€m)
7
4
11
8
4
2
1
2
1
18
29
1
1
2
2
1
1
1
5
1
--
36
16
20
11
6
17
9
12
3
2
5
1
32
49
5
1
6
5
1
1
1
8
1
--
816.3
277.6
1,093.9
590.0
338.8
146.8
69.3
125.9
57.0
1,327.8
2,421.7
121.3
48.4
169.7
69.6
49.4
12.0
13.8
144.8
59.6
9.8
69.4
315.4
118.2
433.6
188.6
150.1
56.6
35.5
63.3
25.6
519.6
953.3
22.3
24.3
46.6
121.3
68.4
20.6
22.7
233.1
32.4
6.0
38.4
63
25
38
2,745.9
1,248.5
1,497.4
1,238.9
672.7
566.2
87.7%
93.7%
89.4%
85.0%
85.7%
97.7%
92.3%
96.7%
99.6%
89.3%
89.3%
89.9%
92.9%
91.5%
100.0%
100.0%
69.2%
100.0%
97.3%
nm
80.9%
nm
90.9%
92.0%
89.4%
51.1
18.6
69.7
36.1
22.7
9.4
4.9
10.0
4.2
87.3
157.0
6.3
3.4
9.7
5.5
3.4
0.6
0.9
10.4
1.0
0.6
1.6
177.7
80.7
97.0
5.1
6.2
5.4
3.3
3.0
6.8
3.4
2.2
1.9
3.4
4.3
4.6
3.1
4.1
6.3
9.9
5.8
3.3
7.2
0.9
9.7
4.3
4.5
5.6
3.5
57.9
20.4
78.3
42.8
26.3
9.7
5.4
10.2
4.2
98.6
176.9
7.0
3.8
10.8
5.5
3.4
0.9
0.9
10.7
1.0
0.8
1.8
199.2
89.8
109.4
Contracted Headline Rent / Sqm or Unit
Commercial
(€/sqm/m)
Office
(€/sqm/m)
Logistics / L.I.
(€/sqm/m)
14.1
13.3
13.9
17.1
13.3
13.3
11.7
12.8
12.5
14.4
14.2
22.5
13.8
19.6
6.3
4.2
7.0
7.1
6.0
--
--
--
14.2
13.6
14.6
14.1
13.1
13.8
17.0
13.3
13.2
11.8
12.6
12.4
14.3
14.1
24.0
11.6
17.5
3.7
4.2
3.6
3.3
3.8
--
9.9
9.9
12.1
10.1
14.6
--
--
--
--
--
--
--
--
--
--
--
--
--
--
3.5
4.2
3.3
3.2
3.7
--
--
--
3.7
3.7
--
39
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40
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41