Globalworth: CEE’s Leading Office Landlord
2021 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
‒ +240 professionals mainly located in Warsaw
and Bucharest
Sustainable dividend policy
‒ 90% of EPRA Earnings
‒ €0.30 / share cash distributed in 2021
Strong and supportive shareholder base including
the controlling consortium of CPI Property Group
and Aroundtown (via Zakiono Enterprises Ltd)
holding 60.6%, and Growthpoint Properties
(29.4%)
Select Metrics
€3.2bn
GAV
66
Standing Properties
1,302.3k
Standing GLA
€2.7bn
Green GAV
€183.7m
An. Contracted Rent
4.7yrs
WALL
88.5%
Occupancy
98.9k
Dev’t GLA
40.1%
LTV
BBB – / Baa3
Credit Rating
2.7%
Avg. debt cost
€1.3bn
in 3 Eurobonds
Geographic Split
(% GAV)
Romania
48.8%
Property Type
(% GAV)
Other
4.4%
Industrial
6.6%
Mixed-
use
8.8%
Poland
51.2%
Property Status
(% GAV)
Land for Future
*
Development
2.9%
Developments
6.2%
Office
80.2%
Standing Properties
90.9%
Note: Figures present the Combined Portfolio of Globalworth as at 31 December 2021.
* Developments: Include Renoma and Supersam in Poland which are under extensive refurbishment / repositioning.
2
Portfolio Evolution since 2017
Portfolio Value
(€m)
GLA Standing
(‘000s sqm)
GLA Commercial Standing
(‘000s sqm)
GLA Commercial Standing Occupied
(000’s sqm)
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
-
1,400
1,200
1,000
800
600
400
200
-
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
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
-
3,500
3,000
2,500
2,000
1,500
1,000
500
-
60
50
40
30
20
10
-
250
200
150
100
50
-
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Bucharest New CBD
Regional Romania
Regional Poland
Bucharest Other
Warsaw
Romania
Poland
Romania
Poland
Romania
Poland
3
Financial Performance Evolution since 2017
Rental Income
(€m)
Adjusted Normalised EBITDA
(€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
-
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
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
-
40.0
30.0
20.0
10.0
-
(10.0)
(20.0)
(30.0)
3.0
2.9
2.8
2.7
2.6
2.5
2.4
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Group
Group
Group
Group
4
2021 Key Highlights
Skylight & Lumen, Warsaw
5
Our Strategy in Motion During 2021
Strengthened Our
Position in Our
Markets Through
Selected
Risk-adjusted
Investments
• Delivered our Globalworth Square office development in Bucharest with 29.2k sqm of class “A” space
• Acquired two high-quality logistic / light-industrial facilities in the western part of Romania, for €17.9 million offering a total
area of 27.0k sqm
‒ Facilities are 100% let to two multinational tenants on 15-year lease agreements
‒ First purchases of standing properties since our decision to suspend new acquisitions due to COVID-19 in 2020.
• Active development and refurbishment / repositioning program with:
‒ 98.9k sqm in high-quality logistic / light-industrial facilities in Romania under construction
‒ Two mixed-use properties in Poland under refurbishment / repositioning aiming at increasing their class “A” office
space and improving their retail/commercial offering, in response to current market conditions
Effective Asset &
Property
Management
Initiatives
• Best year in office leasing with 214.5k sqm of spaces taken up or extended
• Overall contracts signed with 232 tenants for 285.5k of commercial space, at an average WALL of 4.6 years
- Lease take-up evenly distributed with renewals accounting for 54% (down 74% in 2020) and new leases contributing
46% (up from 26% in 2020) providing encouraging signs for future take-up
• Standing commercial occupancy down by 2.3% to 88.5% (88.7% including tenant options), mainly due to the negative
impact of the 2021 delivered Globalworth Square and Warta Tower due to the relocation of its principal tenant.
- Like-for-like occupancy in the remaining 60 standing properties (excluding Warta Tower) effectively unchanged at
90.8% (91.0% at 31 December 2020)
• Total annualised contracted rent up by 0.2% to €183.7m
- 91.4% from office and industrial properties.
• Renovation & upgrade programme continued with €24.0 million invested in our standing portfolio and the two mixed-use
properties under refurbishment / repositioning.
6
Our Strategy in Motion During 2021 (cont’d)
Preserved and/or
Protected
Operational
Efficiency
• Office and industrial spaces, accounted for 91.4% of annualised contracted rent, which have remained largely unaffected by
measures taken by the authorities against COVID-19
• Rate of collections for rents invoiced and due remained high at 99.0% during 2021 due to high tenant quality and low single
tenant dependency
• Continued to internalise property management, with 96.8% of office and mixed-use standing properties managed in-house
driving enhanced customer focus.
Maintained an
Efficient
and Flexible
Capital structure
• Maintained investment grade rating by all three major rating agencies
‒ Moody’s affirmed Baa3 rating improving our outlook to “Stable” (from “Negative)
‒ Fitch and S&P affirmed Globalworth’s BBB- rating and “stable” outlook
• Benefited from shareholders support to preserve our Investment Grade rating
• Liquidity of c.€418.7m with an additional €215 million in committed undrawn loan facility (RCF)
Investment in
Sustainable
Environment &
Communities
• Certified or recertified 38 properties with BREEAM Very Good or higher certifications
• €2.7bn in environmentally friendly properties:
‒ 55 green standing certified properties, accounting for 89.3% of our standing commercial portfolio by value
‒ Renoma and Supersam maintained their green certification, though currently under refurbishment / repositioning
‒ 11 other properties in certification or re-certification process
• Issued the 3rd sustainable development report for the Group for the FY 2020, and our inaugural Green Bond Report.
• Maintained our low-risk rating by Sustainalytics and improved MSCI rating to “A”
• Contributed c.€1.0m to over 20 initiatives in Romania and Poland.
• In January 2022 GW Square obtained BREEAM outstanding accreditation, with 99% scoring, ranking the building on the 3rd
place worldwide
7
Our Strategy in Motion During 2021 (cont’d)
Defensive and
Growing Operating
Financial
Performance
• Net Operating Income of €144.3m for 2021, 8.3% lower compared to 2020
• Positive effect from initiatives including savings in recurring administrative and other expenses, marginally impacted our
adjusted normalised EBITDA which was 8.1% to €130.2 million
• Net profit significantly improved (+3x) to €47.5 million (net loss of €46.8 million in FY2020)
‒ 2021 marginal revaluation losses of €5.7 million compared to €116.2 million revaluation losses in 2020
• EPRA NRV of €1.90bn or €8.66 per share (€8.68 per share at YE-20)
‒ EPRA NRV impacted by dividends paid, lower operating performance and non-recurring costs, offsetting the positive
impact of lower revaluation losses (by €110.4 million compared to 2020)
• Cash dividend paid to shareholders of €0.30 per share in 2021.
• €0.15 for each of H2-2020 and H1-2021
Strengthened
Shareholding Base
• CPI Property Group and Aroundtown formed a consortium (“CPI/AT Consortium”) and launched a cash offer, via Zakiono
Enterprises Limited, for the acquisition of the entire issued and to be issued share capital (not already held, or agreed to be
acquired, by Zakiono) (effectively 48.8% of Globalworth shares) at € 7.00 / share.
• The CPI/AT Consortium following the completion of the tender offer in July 2021, holds 60.6% of the share capital
• Growthpoint Properties maintained its shareholding at 29.4%
8
Portfolio & Operational Performance
Renault Bucharest Connected
9
New Acquisitions and Developments
New Acquisitions:
New Additions
•
•
Acquired two high-quality logistic / light-industrial
facilities in the western part of Romania
– Acquisition Price: €17.9m(*)
– Total GLA: 27.0k sqm
– Occupancy: 100%
– Average WALL: 13.3 years
Other acquisitions:
– Acquired additional land adjacent our mixed-
use development in Constanta improving
visibility and access of our existing investment
Projects Delivered :
•
Delivered Globalworth Square in Bucharest in June
2021, adding 29.2k sqm of class “A” office space
Under Construction 98.9k sqm:
•
Prioritised the development of the subsequent
phases in 4 of our logistic / light-industrial
investments (5 facilities) in Romania
•
Estimated Avg Development Yield: 8.7%
Future Developments:
•
Additional 776.8k sqm can be developed in phases
in 6 locations in Romania and Poland in the future
(*) Excluding transaction costs.
Standing Properties
Acquired
City
Acq. Price
(€m)
GLA
(K sqm)
Initial
Yield (%)
100% Occ.
Yield (%)
IPW - Arad
IPW - Oradea
Total Standing Properties Acquired
Arad
Oradea
13.3
4.6
17.9
20.1
6.9
27.0
8.5%
8.6%
8.5%
8.5%
8.6%
8.5%
Developments Overview
Number of
Properties
GAV
(€m)
GLA
(K sqm)
Est. Rent
(100%)
(€m)
Capex
Invested
(€m)
Remaining
Capex (€m)
Est. Yield on
Cost (%)
Romania
Office
2021 Deliveries
Romania
Industrial – UC
Developments
Prioritized
Poland
Romania
Future
Developments
Total
1
1
5
5
-
-
-
-
74.4
29.2
74.4
29.2
5.6
5.6
57.3
57.3
0
0
9.80%
9.80%
37.6
98.9
4.7
37.0
17.3
8.71%
37.6
98.9
4.7
37.0
17.3
8.71%
9.6
17.7
74.5
759.1
3.1
48.4
84.1
776.8
51.5
8.5
33.1
41.6
29.7
409.3
8.1%
10.90%
439.0
10.70%
196.1
904.9
61.8
135.9
456.3
10.4%
Construction to start subject to tenant demand
and market conditions
10
New Acquisitions - IPW Oradea
Industrial Park West (“IPW”) Oradea
• The project is located in the Oradea Business Park 1 and comprises a 6.9k sqm built
to suit manufacturing facility developed on c.21.9k sqm of land.
• The facility is 100% leased to IWIS on a 15 year lease contract
• IPW – Oradea is located on the National Road E60 and is 4 km away from the
Hungarian border.
Location:
Project Type:
Year of Completion:
Value (Dec-21):
Standing GLA:
Potential Expansion Available (GLA):
Occupancy:
WALL (Dec-21)
▪ Oradea
▪ Logistics / light industrial
▪ 2020
▪ €5.6m
▪ 6,9k sqm
▪ 3.0k sqm
▪ 100%
▪ 13.7 years
Contracted Rent/100% occupancy rent:
▪ €0.4m / €0.4m
Key Tenant
11
New Acquisitions - IPW Arad
Industrial Park West (“IPW”) Arad
• The project is located in the Arad Industrial Park West, in the North-West part of
the city of Arad
• The 20.1k sqm facility was developed in phases, comprising of production,
warehouse, office and technical spaces
‒ Phase 1: delivered in 2012 offers 10.3k sqm
‒ Phase 2: delivered in November 2020 offering 9.3k sqm
• The facility is 100% leased to HUF Romania on a 15 year lease contract
• IPW – Arad benefits from good accessibility (4.8 km distance to A1, 10.8 km from
the Arad International Airport, 6.7 km distance to the city centre)
Location:
Project Type:
Year of Completion:
Value (Dec-21):
Standing GLA:
Occupancy:
WALL (Dec-21)
▪ Arad
▪ Logistics / light industrial
▪ 2012 / 2020
▪ €16.2 m
▪ 20.1k sqm
▪ 100%
▪ 13.1 years
Contracted Rent/100% occupancy rent:
▪ €1.1m / €1.1m
Key Tenant
12
Developments Delivered : Globalworth Square
Globalworth
Square
(Bucharest)
Standing
Class “A” Office
June 2021
29.2
74.7
63.8%
Status
Type
Delivery
GLA (k sqm)
GAV (€m)
Occupancy (%)
Contracted Rent €m) /
100% Occupancy Rent (€m)
€4.4m / €5.6m
WALL (Dec 21)
Est. Yield on Cost
5.2 years
9.8%
Obtained BREEAM Outstanding
accreditation with 99% scoring, ranking
3rd place worldwide
Key Features
Square Floor Plate
2.1k sqm floor plate allowing for the optimum shape according to the
BREEAM certification methodology.
Energy Efficient Façade
Designed to build a more sustainable and low energy building using-
semi structure high thermo-insulation aluminium system, allowed
also for easy maintenance and durability.
Ventilation System
Ventilation through high-efficiency systems for heat recovery and fan
coils units with EC motors, equipped with built-in humidification and
UV light innovative air disinfection.
Recovery of sensitive energy and high- efficiency latency leads to a
25% reduction of the building’s thermal energy consumption.
Geothermal System
Under the slab foundation is used to considerably reduce cooling and
heating costs by covering 45% of the building’s energy consumption.
Photovoltaic Roof
Solar photovoltaic panels converting solar energy to (partially) cover
the building’s requirements with green electricity. 329 photovoltaic
panels of 445 Wp each provide a total of 146kWp.
Ice Storage System
Limiting the building consumption at peak hours and lowering the
cost of cooling by optimising the energy production process.
EV Charging
15 EV charging stations aiming at reducing CO emissions. Three fast-
charge 22 kW stations and 12 charging stations of 7 kW.
BMS
Centralised BMS for efficient and effective operation and monitoring
of the building’s mechanical and electrical equipment.
Touchless Technology
Used in main common areas through IR devices, while access to the
building and office spaces is available through Bluetooth and NFC
technologies.
13
Development Projects Under Construction
Timisoara Industrial
Park II B3
Chitila Logistics Hub
(Phase B and C)(1)
Pitesti Industrial Park
(“PIP Caroli”)
Constanta Business Park
(Phase 2)(1)
Total
Status
Type
Under Construction
Under Construction
Under Construction
Under Construction
Industrial,
Timisoara
Industrial,
Bucharest
Industrial,
Pitesti
Industrial,
Constanta
Est. GLA (k sqm)
Cost / Capex to 2021 (€m)
Est. Remaining Capex (€m)
Est. Rental Income (100%)
Est. Yield on Cost
19.0
6.8
1.5
0.8
9.7%
54.1
18.9
11.7
2.5
8.2%
6.7
5.1
0.9
0.6
9.5%
19.0
6.2
3.2
0.8
9.0%
98.9
37.0
17.3
4.7
8.7%
Note: Figures presented as at 31 Dec 2021.
(1) 50:50 Joint Venture; figures shown on 100% basis
• Phase B delivered in Mar’22 and is 100% pre-leased (incl. options).
• Phase C is under construction, and in the commercialisation phase
PIP Caroli delivered in Feb’22 and is
100% pre-leased
Timisoara Industrial Park
Chitila Logistics Hub
Pitesti Industrial Park
Constanta Business Park
14
Refurbishment / Repositioning: Renoma
Refurbishment / Repositioning Overview
•
•
•
Renoma is a landmark mixed-use property 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 retail offer towards strong
food and selected fashion mix to be located on
the ground floor and convenience facilities
including supermarket, gym and drugstore
located on -1 level
• Works expected to be completed in Q1 2023
‒ Works to performed do not impact Renomas’
BREEAM Excellent certification status
‒ Property was recertified in 2021
Renoma on delivery
•
Total GLA: 48.4k 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
15
Refurbishment / Repositioning: Supersam
Refurbishment / Repositioning Overview
•
•
•
Supersam is a modern multi-functional building
combining retail and services with office space
Launched at the end of 2015 and located in the
very centre of Katowice, in a traditionally
commercial part of town, close to the high street
Property is under refurbishment / repositioning, in
a process which will start in the second part of
2021, aiming at:
‒ Redevelopment of the entire level 1 into an
office function
‒ reconfiguring chosen retail modules located
on level -1 into high-quality retail &
commercial spaces with food and
entertainment.
• Works expected to be completed in H2-2022
‒ Works to performed do not impact
Supersam’s BREEAM Excellent certification
status
‒ Property was recertified in 2021
Supersam on delivery
• Total GLA: 26.2k sqm
‒ 8% increase
• Office GLA: 13.4k sqm
‒ +2x increase
• Retail GLA: 11.8k sqm
‒ (30% reduction)
• Storage GLA: 1.0k sqm
16
Asset Management / Leasing Review
• Highest volume in office leasing
‒ 214.5k sqm taken-up or extended, 30%
higher vs 2020
•
‒ Office leasing accounted of 75.2% of total
leasing activity vs 54.0% in 2020
Second-best year in overall leasing since
inception
‒ 285.5k sqm of commercial space taken-up or
extended
‒ New take-up accounted for 46% of leasing
(up from 26% in 2020)
‒ Average WALL of 4.6 years
‒ Leases signed in 2021 expected to generate a
future rental income of €187.5 million
• Headline market rental levels remained
•
relatively stable
‒ Commercial GLA agreed at €12.1/sqm/m
Office rent at €13.9/sqm/m
Industrial spaces rent at €3.9/sqm/m
▪
▪
Effective rent vs headline
‒ Effective rents were on average 29.2% lower
compared to headline due to challenging
market conditions
▪
Effective rents were on average 21%
lower compared headline in 2020
Key Metrics
Leasing Activity by Type (k sqm)
Leasing Activity by Country (k sqm)
New Leases: 105.8k sqm
6.0 yrs
105.8
5.4 yrs
25.9
3.8 yrs
153.8
60.0%
171.2
40.0%
114.2
New Leases
Expansions
Extensions
Romania
Poland
Notable Leases
POLAND
Asset
Green
Horizon
A4 Business
Park
ROMANIA
Tenant
GLA
Type
Asset
Tenant
GLA
Type
Infosys
25.5k Renewal
Rockwell
19.6k
Renewal &
Expansion
CLH 1 &
CLH 2
HAVI
Logistics
20.6k New lease
GW Square Wipro
10.7k New lease
Tryton
Intel
9.8k Renewal
Podium
Park A
Heineken
8.6k New lease
Nordic Park Baxter
4.3k
Renewal &
Expansion
PIP-Caroli
Caroli
Foods
6.7k New Lease
Constanta 1 Maracana
6.7k
Reloc. &
Expansion
TCI
Ernst &
Young
6.0k Renewal
17
Asset Management / Sustainable Rental Income
Total commercial
contracted GLA: +1.2m sqm
1
0
%
9
%
1
7
%
1
0
%
1
1
%
Total contracted rent of
€183.7m
‒ +99% from commercial
spaces
‒ 96.0% from active leases
•
•
• c.660 tenants in our
portfolio
‒ Most of the portfolio let to
national and multinational
corporates that are well-
recognised names in their
respective markets
• WALL: 4.7 years
Commercial Rent: Lease Expiration Profile (€m)
Commercial Rent: Commencement Period (€m)
4
3
%
7.4
169.0
7%
10% 16% 12% 19% 10%
6%
5%
3%
11%
7%
10% 16% 12% 19% 10%
6%
5%
3%
11%
2022
2023
2024
2025
2026
≥2027
95%
Active
0.9
6.0
H1-22
0.2
5%
0.3
H2-22
H1-23
Standing Properties
Refubishment
Standing Commercial Rent: Tenant Origin (€m)
Commercial Rent: Tenant Concertation
State Owned,
1.4%
National,
18.3%
70.0
38.1%
•
•
•
Largest Tenant 5.1%,
Top 3 Tenants 10.7%
Top 10 Tenants 26.2%
46.4%
15.2
52.6%
11.4
Multinational,
80.3%
1-20
21-30
31-40
41-660
Rent (€m /yr)
Cumulative % of total
18
8.3
175.4
100%
Total
100.0%
86.2
Asset Management / Rent Collections
% Collection rate3
% of Portfolio by
Contracted Rent1
Dec 2020
Dec 2021
Comments:
GLA Space Type
Office2
Industrial
Retail
Other
85%2
6%
6%
3%
99%
100%
91%
99%
99%
• Office space showing stable level of collection rate.
100%
96%
100%
• Activity in industrial/logistic facilities
is mainly
unaffected by Covid restrictions.
• Retail spaces affected by Covid restrictions in Poland
and Romania are on recovery path
• “Other” type of areas include Upground Residential
Project (less than 1% of contracted Rent) and other
auxiliary areas
TOTAL Portfolio
100%
99%
99%
• Normal rental collection compared to previous year
and pre Covid period.
0%
100%
0%
100%
Claims
• For full year 2021 we have estimated the value of the tenant demands / claims received at c.€3.0 million, reflecting
c.1.6% of our contracted annual rent
(1) % from Contracted rent as of 31 December 2021
(2)
Includes contracted rent for parking spots
(3) Data on amounts invoiced and related to 2021, collected up to 11 March 2022
19
Standing Portfolio
• New Additions:
‒ A Class “A” offices in Bucharest and two high-
quality logistic facilities in Regional Romania
with 56.1k sqm GLA
Standing Portfolio: €2.9bn
‒ +2.2% overall value increase to €2.9 billion,
mainly due to the addition of new properties
‒ LfL appraised value of standing commercial
properties remained effectively unchanged,
0.6% higher at year-end 2021 compared to
same period in 2020
39 investments with 66 standing
properties offering 1.3m sqm
•
•
• Overall Occupancy Rate: 88.5%
(88.7% including options)
‒ Lower by 2.3% (90.9% in 2020), mainly
impacted by:
GW Square: in lease-up phase
▪
▪ Warta Tower: tenant moved and asset
management initiatives in process (sale)
‒ Average like-for-like occupancy rate in the
remaining 60 standing properties effectively
unchanged at 90.8% (91.0% at 31 December
2020)
Key Metrics
Standing GAV1 (€ m)
2,866
2,805
Standing GLA1 (k sqm)
1,303
1,271
1,497
1,447
566
542
Contracted Rent1(€ m)
179
97.0
175
87.9
1,308
1,419
81.7
87.5
705
760
2020
Romania
2021
Poland
2020
Romania
2021
Poland
2020
Romania
2021
Poland
Green Portfolio (€ m)
2,510
2,350
Occupancy GLA (%)*
WALL (years)*
90.9%
88.5%
1,172
1,316
89.4%
85.6%
4.5
3.5
4.7
3.9
1,177
1,194
92.0%
90.7%
5.6
5.5
2020
Romania
2021
Poland
2020
Romania
2021
Poland
2020
Romania
2021
Poland
(1) Includes c.32.4k sqm and c.30.3k sqm of residential space in 31 December 2020 and 31 December 2021 respectively.
* Refers to commercial
20
Our Portfolio Snapshot
Podium Park, Krakow
21
Globalworth’s Leading CEE Platform
As of 31 December 2021
Standing Investments(2)
GAV(3) / Standing GAV
Occupancy(4)
WALL
Standing GLA sqm(5)
Contracted Rent(6)
85.6%
3.9 years
542.1k sqm
€94.7m
Mixed
(Office / Retail)
17%
GAV Split by Asset Usage(1)
GAV Split by City(1)
Lodz, 4%
Gdansk,
4%
Katowice, 11%
Wroclaw, 16%
Krakow, 21%
Globalworth Poland(1)
Globalworth Romania(1)
Globalworth Group(1)
19
20
39
€1,613m / €1,447m
€1,540m / €1,419m
€3,152m / €2,866m
90.7%
(91.0% including tenant options)
88.5%
(88.7% including tenant options)
5.5 years
760.2k sqm
€89.0m
Other 9%
Light Industrial /
Logistics 14%
Constanta, 4%
Pitesti, 3%
Timisoara 6%
Office
83%
Warsaw,
44%
4.7 years
1,302.3k sqm
€183.7m
Logistics / Light
Industrial 7%
Mixed
(Office / Retail)
9%
Office
77%
Lodz 2%
Arad &
Oradea 1%
Katowice 6%
Wroclaw 8%
Krakow 11%
Bucharest
86%
Warsaw 23%
Poland
51%
Oradea & Arad 1%
Other 4%
Office
80%
Gdansk 2%
Bucharest 42%
Romania
49%
Timisoara 3%
Pitesti 2%
Constanta 2%
(1) Assets owned under JV are presented at 100% (e.g. Chitila Logistics Hub and Constanta Business Park), to
(6)
(2)
reflect “Combined Portfolio”.
Standing Investments representing income producing properties, not in redevelopment phase (e.g. Renoma
and Supersam). 1 investment can comprise multiple buildings. e.g. Quattro Business Park comprises 5
buildings or 1 investment .
(3)
Includes all property assets, land and development projects at 31 December 2021 valuation.
(4) Occupancy of standing commercial properties, and in the case of Poland, including office rental
guarantees.
Including 30.3k sqm of residential units in Romania.
(5)
Total contracted rent as of 31 December 2021 comprises:
•
Rent from commercial and residential standing properties (€174.5m & €0.9m respectively), which
includes contracted rent under master lease agreements;
Rent in assets under redevelopment of €6.8m (Renoma, Wroclaw and Supersam, Katowice);
Rent in industrial assets under development/permitting of €1.5m (Chitila Logistics Hub – phase B,
Pitesti Industrial Park – Caroli and Constanta Business Park – phase B respectively)
•
•
22
Class A Modern Portfolio in Prime CBD Locations and
Select Industrial Regional Hubs
Standing Portfolio:
>€2.8bn standing portfolio of over 1.3m sqm GLA in Poland and Romania
Standing Modern Portfolio:
Breakdown by Year of Last Refurbishment (€m)
Warsaw
>10 Years
17.4%
<4 Years
22.0%
Regional Poland
Poland
1
3
Romania
14
2
5
12
Regional Romania
Industrial
Bucharest
Offices
1
1
5
1
20
1
9-10 Years
9.5%
7-8 Years
18.9%
5-6 Years
32.3%
Green Portfolio:
Breakdown by Level of Certification (€m)
LEED
16.5%
Under
Certification
12.5%
Edge
1.7%
BREEAM
Oustanding
3.1%
BREEAM
69.4%
BREEAM Excellent
62.4%
LEED Gold
10.1%
LEED Platinum
6.4%
BREEAM Very
Good
3.8%
D
E
E
L
M
A
E
E
R
B
Certified
Silver
Gold
Platinum
Acceptable
Pass
Good
Very good
Excellent
Outstanding
*In are the number of standing properties in each region / city
*In addition, Renoma and Supersam which are currently under refurbishment /
repositioning have maintained BREEAM Excellent green accreditation.
23
Best In Class Office & Mix-Use Portfolio in Poland …
55.6% of our portfolio by value is in
5 regional cities in Poland
Warsaw
Gdansk
Wroclaw
WARSAW
Lodz
Katowice
Krakow
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
€715.6m
14
210.9k sqm
77.3%
€37.6m
€48.3m
€897.2m
23
331.2k sqm
90.9%
€50.4m
€55.7m
82.9k sqm (65.2k sqm under
redevelopment)
€13.8m (€6.8m contracted in assets
under redevelopment)
Tryton Business House
(Gdansk)
Nokia Campus
(Wroclaw)
Quattro Business Park
Skylight & Lumen
(Krakow)
(Warsaw)
Hala Koszyki
(Warsaw)
24
… and Best In Class Office & Industrial Portfolio in Romania
760k of high-quality standing
space, and a further 858k sqm
that can be developed in the
future, in 6 cities
Oradea
Arad
Timisoara
Pitesti
BUCHAREST
Bucharest’s new CBD although
has the highest concentration
by value this has decreased
from 73.4% in 2016 to 30.6% in
December 2021
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
€1,318.0m
20
522.4k sqm
87.4% (87.8% incl. options)
€76.5m
€86.8m
130.1k sqm (14.6k sqm let)
€16.4m (€0.8m contracted)
€221.5m
9
237.8k sqm
96.0%
€11.0m
€11.4m
727.8k sqm (10.4k sqm let)
€36.5m (€0.7m contracted)
GW Tower, Green Court & GW Plaza
(Bucharest)
Globalworth Campus
Unicredit Tower
Renault Bucharest Connected
Pitesti Industrial Park
(Bucharest)
(Bucharest)
(Bucharest)
(Pitesti)
25
Sustainable Development Update
Globalworth Square, Bucharest
26
Sustainable Development Update: (Green) Places
Green Buildings
•
38 properties were certified or recertified with BREEAM Very Good
or higher certifications in 2021
‒ 5 properties in Poland green certified for the first time
‒ 14 buildings improved their certification to BREEAM Excellent
‒ 19 other properties maintained their level of certification
Overall, 55 green certified properties valued at €2.7bn
‒ 89.3% of our standing commercial portfolio by value is Green
‒ 2 properties green certified property under refurbishment
11 properties currently in certification or re-certifying process
principally targeting BREEAM accreditations
In January 2022 GW Square obtained BREEAM outstanding
accreditation, with 99% scoring, placing the building on the 3rd
place worldwide
•
•
•
Other Initiatives
•
100% of the energy used in our Polish properties and our
Romanian office portfolio to be generated from renewable
sources.
‒ This represents a significant improvement from 2020 and 2019,
where 56% and 40%, respectively, of the energy used in our
portfolio, was from renewable sources.
‒ The switch to green energy is part of our broader preparatory
actions for nZEB, which also involves other steps, including
introducing intelligent metering and implementing FORGE for
monitoring.
•
In December, we successfully received a WELL Health-Safety Rating
for 15 (of the 16) office buildings in Romania.
‒ Polish portfolio and Globalworth Square currently under the
same process
Green Status of Standing Portfolio (€ GAV)
2021 Ratings
BREEAM – 69.4%
LEED – 16.5% EDGE – 1.7%
62.4%
Sustainalytics ESG Risk Rating
14.8% Low risk (4 August 2021)
€2.7bn in
Green Assets
3.1%
3.8%
6.4%
10.1%
1.7%
12.4%
MSCI ESG Rating
A (27 January 2022)
Outstanding Excellent Very Good
Platinum
Gold
EDGE
U.C.
27
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 >1.3m sqm of high-quality real estate space where more
than 250k people work or visit daily under “normal” conditions.
• Maintained our strong focus of giving back to our community
with Globalworth Foundation contributing €1.0m in over 20
initiatives in Romania and Poland
•
By participating in programmes such as:
•
•
•
“Nesting a brighter future for children” (United Ways Foundation),
the “Visits of Hope” (Hospice "Casa Sperantei" Foundation), and
bringing the first digital solution for virtual sports to children and
teenagers with physical and intellectual disabilities in placement and
residential centres in Romania
Mobile Caravan for Cervical Cancer Diagnosis
Virtual Sports
Visits of Hope
Pedunculate oak seedlings for the Pomiechówek Forestry
• Mobile Caravan for Cervical Cancer Diagnosis
•
•
the Globalworth Foundation aims at contributing to the
communities in Romania and Poland in which we live and work.
2031 NOW_our cities in 10 years
138k people in our
communities positively
impacted by our
initiatives
Oak seedlings
Nesting a brighter future for children
28
Sustainable Development Update: Reporting
Annual Reporting
•
The 3rd Sustainable Development report, covering the
year 2020 is available at:
www.globalworth.com/sustainability
• Annual reporting prepared in accordance with:
‒ the Global Reporting Initiative (GRI) Standards - core option,
‒ the EPRA’s Sustainability Best Practice Reporting
Recommendations (EPRA sBPR)
•
•
The Globalworth inaugural green bond report was issued
in July 2021
‒ Green Bond Report issued in accordance with our commitment
as part of €400 million Green Bond financing
‒ “2020 Green Bond Report” received independent limited
assurance from EY on the allocations of the net proceeds
The Globalworth Foundation published it inaugural
report, “2020 Globalworth Foundation Annual Report”,
focusing on the social initiatives in which it is involved
Reporting
EPRA Awards
29
2021 Capital Markets Performance
Renoma, Wroclaw
30
Capital Market Performance / Equity
•
•
•
On 12 May 2021, CPI Property Group and
Aroundtown formed a consortium (“CPI/AT
Consortium”) and launched a cash offer, via
Zakiono Enterprises Limited, for the acquisition
of the entire issued and to be issued share
capital of Globalworth at € 7.00 / share
CPI/AT
The
completion of
Globalworth’s share capital
Consortium following
the
the offer holds 60.6% of
Share price performance impacted by the
COVID-19 pandemic and the Offer by the CPI/AT
Consortium:
‒ closing at €5.88 per share on 31 December
2021, representing a 17% decrease since the
beginning of the year;
‒ trading consistently below its 31 December
2020 EPRA NAV level of € 8.68 / share
‒ lowest closing price on 25 August at €5.60
per share
‒ highest price on 20 April at €7.48 per share
Shareholding Structure
31 December 2020
31 December 2021
Other (sub-5%)
8.6%
EBRD
5.0%
CPI Property
Group
29.6%
Other (sub-5%)
4.7%
Oak Hill
Advisors
5.3%
Growthpoint
Properties
29.5%
Growthpoint
Properties
29.4%
Zakiono
Enterprises Ltd
60.6% (CPI &AT
Consortium)
Oak Hill
Advisors
5.3%
Aroundtown
22.0%
2021 Share Price Performance
125.0%
115.0%
105.0%
95.0%
85.0%
75.0%
1
2
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3
GW Share Price
FTSE EPRA Developed Europe
FTSE EPRA Global
125.0%
115.0%
105.0%
95.0%
85.0%
75.0%
31
Capital Market Performance / Eurobonds
Simple capital structure, with 3 Eurobonds of Euro 1.3bn outstanding at Dec 2021 accounting for 78.0% of our total debt
•
•
€1.5bn EMTN program in place
‒ €550m raised in 2018 (GWI 18/25 bond)
‒ €400m raised in 2020 (GWI 20/26 bond)
‒ in 2021, all our bonds continued performing
well, resulting in further compression in the
yield to maturity, with 17/22 bond trading
negatively for the majority of the second
quarter of the year; on average, our 18/25
and 20/26 bonds traded at 1.0% and 1.3%,
respectively, during the period.
Eurobonds rated at Investment Grade by
all 3 agencies
‒ Moody’s: Baa3 ratings and changed its
outlook to stable
‒ S&P & Fitch: BBB- rating and maintained
their stable outlook
‒ We benefit
from the support of all
the
existing shareholders in order to preserve the
Investment Grade rating
2021 Eurobond Yield Performance
2.00
1.50
1.00
0.50
0.00
-0.50
0
2
-
c
e
D
1
2
-
n
a
J
1
2
-
n
a
J
1
2
-
b
e
F
1
2
-
b
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1
2
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1
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1
2
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1
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1
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1
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1
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1
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1
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1
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1
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1
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1
2
-
c
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1
2
-
c
e
D
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 2020
103.2
0.674%
Dec 31st 2021
101.2
0.245%
106.2
1.475%
105.4
1.874%
105.4
1.291%
105.9
1.527%
32
2021 Financial Results
Globalworth Campus, Bucharest
33
Financial Highlights FY2021
Modest decline in
rental income in
2021 despite
continued impact
from COVID-19 and
stabilisation of
property portfolio
valuation after
significant decrease
in 2020.
NOI and Adjusted
normalised EBITDA
impacted negatively
by the continued
effects of COVID-19,
which also impacted
occupancy by 2.3%.
Portfolio Value1
€3.2bn
2020: €3.0bn
EPRA NRV
€1.9bn
vs 2020: -0.3%
EPRA NRV / share
€8.66
vs 2020: -0.3%
LTV
40.1%
vs 2020: 37.8%
Av. Debt Interest Rate
2.73%
vs 2020: 2.73%
Rental Income
€150.3m
vs 2020: -6.3%
NOI
€144.3m
vs 2020: -8.2%
IFRS Earnings before tax
€62.1m
2020: €-30.4m
Adj. Normalised EBITDA2
€130.2m
vs 2020: -8.1%
IFRS Earnings
€47.5m
2020: €-46.8m
EPRA Earnings
€59.1m
vs 2020: -28.2%
Dividend3
€66.3m
2020: €108.3m
IFRS EPS
€0.21
2020: €-0.21
EPRA EPS
€0.27
vs 2020: -27.8%
Dividend / Share3
€0.30
2020: €0.49
P
(1)
(2)
Combined real estate portfolio includes the Group’s Investment Property - Freehold as at 31 December 2021, 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 exceptional and/or non-recurring income and expense
items.
Dividend paid in 2021 in respect of the six months ended 31 December 2020 and the six months ended 30 June 2021 .
(3)
34
Financial Highlights: Income Statement
Condensed Income Statement
Comments
1. Decrease in NOI of €10.2m is due to:
•
•
•
•
a €5.7m reduction in rental income from LfL standing properties;
a €2.3m reduction in rental income from the two mixed-use properties which are
currently undergoing refurbishment;
a €0.9m reduction in rental income from for properties classified as held for sale;
and
an increase of €1.8m in rental income from the completion of a property previously
under development in Romania and the acquisition of two industrial / logistics
properties in Romania.
2. Administrative expenses: Savings of €1.6m on recurring administrative costs,
however, the overall administrative expenses higher compared to the prior year due to
higher exceptional and non-recurring costs by €9.2m, mainly from professional advisory
fees in connection with the cash offer for Globalworth shares in May 2021.
3. Fair value losses on freehold properties significantly lower in 2021 (€5.7m: of which
€31.1m net fair value loss in Poland and €25.4m net fair value gain in Romania).
4. Finance costs increased by €4.4m in 2021 as compared to 2020 mainly due to:
•
Increase in coupons and debt amortisation costs for Bonds by €3.3m due to the net
increase in total debt as a result of the net effect of the issuance of a green Bond and
the partial repayment of the 2022 Bond in July 2020;
• Decrease in interest capitalised on development properties by € 0.9m; and
•
Increase in interest on lease liability and bank charges of €0.2m.
5. Share of JV result: Logistics / light-industrial properties held by JVs in Romania
generated significantly higher fair value gain of €11.5m in 2021 compared to €5.0m gain
in 2020, thus resulting in a €3.1m higher share of profit from JVs to the Group’s result.
6. Adjusted normalised EBITDA decreased by 8.1% over 2020, resulting from the net
effect of the decreases in NOI (by €13.0m) and in recurring administrative expenses (by
€1.6m).
Note that numbers may not add correctly due to rounding.
35
Financial Highlights: Balance Sheet
Condensed Balance Sheet
Comments
1. Investment property decreased by €47m mainly due to: transfer of five assets
(€131m) to held for sale category, the acquisition of two standing industrial properties
(€18m), CAPEX investments made on a property under development in Romania, and
other value accretive CAPEX on standing properties (€74.5m), as offset by the net fair
value losses on freehold properties of €5.8m and disposal of residential units of € 3.3m.
2. Investments in Joint-Ventures increased by €21m due to additional loans given to
associates.
3. Held for sale assets and liabilities. Includes five properties in Poland with €131m
investment property value, along with related liabilities of €14.7m, which were classified
to held for sale following the signing of pre-SPA in 2021. The transaction is expected to
be closed in Q2-22. Liabilities directly associated with these properties include a lease
liability of €9.1m and deferred tax liability of €5.6m.
4. Retained Earnings: Profit for the year of €47.5m and dividends of €66.3m (paid in Q1
21 and Q3 21) resulted in a €19m reduction.
5. Interest-bearing loans and borrowings (current and long-term portion) lower
compared to 31 Dec. 2020 mainly due to the payment of interest.
Note that numbers may not add correctly due to rounding.
36
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
Deferred tax charge in respect to above
Adjustments in respect of joint ventures
EPRA Earnings
2021
47.5
5.7
(0.64)
0.5
0.4
0.0
10.4
(4.7)
59.1
2020
(46.8)
116.2
(0.6)
0.4
0.0
2.7
12.5
(2.0)
82.3
EPRA Earnings per share (basic)
€ 0.27
€ 0.37
€m
Equity Attributable to Equity Holders (IFRS)
Adjustments per EPRA Guidelines:
Deferred tax liability in respect to property revaluations
FV of interest rate swap
Goodwill as a result of deferred tax
Adjustments in respect of joint ventures for above items
EPRA Net Reinstatement Value
EPRA NRV per share (diluted)
Dec-21
1,738.6
181.5
0.2
(5.7)
2.8
1,917.5
€ 8.66
Dec-20
1,755.4
171.2
0.9
(5.7)
1.7
1,923.5
€ 8.68
IFRS to EPRA Earnings Bridge (€cents)
Change in EPRA NRV (€m)
37
Financing Metrics
Key Balance Sheet
Metrics
■ 40.1% LTV
■ 2.73% weighted average interest rate
■ 77.9% debt via unsecured, public debt markets
■ 3.5 years average maturity of debt
Debt
Instruments
■ GWI 17/22 bond: €323.1m @ 2.875% coupon
■ GWI 18/25 bond: €550m (EMTN) @ 3.000% coupon
■ GWI 20/26 bond: €400m (EMTN) @ 2.950% coupon
■ Selective use of secured financing facilities
■ €215m unsecured RCF (undrawn available facility)
Financing
Strategy
■ Long-term LTV target of below 40%
■ Largely unsecured debt structure, but seeks to optimise
flexibility around portfolio and financing management
■ Target diversification across debt maturities
Investment
Grade
Credit Rating
■ Fitch: BBB-, stable outlook
■ S&P: BBB-, stable outlook
■ Moody’s: Baa3, stable outlook
Consolidated Loan to Value Ratio
Extended Debt Maturity Profile – Dec 21 (€m)
*Carrying value of lease liability and leasehold investment property were excluded from the LTV calculation above.
38
Other Supporting Material
Quattro Business Park, Krakow
39
Combined Standing Commercial Portfolio Snapshot:
(data as of 31 December 2021)
Number of
Investments
(#)
Properties
(#)
Value
GAV
(€m)
Area
GLA
(k sqm)
Occupancy Rate
by GLA
(%)
Rent
Contracted
Rent (€m)
WALL
Years
100% Rent
(€m)
Contracted Headline Rent / Sqm or Unit
Commercial
(€/sqm/m)
Office
(€/sqm/m)
Industrial
(€/sqm/m)
Office & Mixed-Use Portfolio
Bucharest New CBD
Bucharest Other
Romania: Office
Warsaw
Krakow
Wroclaw
Lodz
Katowice
Gdansk
Poland: Office & Mixed-Use
Total Office & Mixed-Use Portfolio
Logistics / Light-Industrial
Timisoara
Arad
Oradea
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
8
4
12
9
4
2
1
2
1
19
31
2
1
1
1
1
1
7
1
--
38
19
19
12
6
18
14
12
3
2
5
1
37
55
5
1
1
1
1
1
898.9
285.2
1,184.1
715.6
332.1
147.9
68.0
126.9
56.7
1,447.2
344.6
118.2
462.8
210.9
150.1
56.6
35.5
63.3
25.6
542.1
2,631.3
1,004.9
71.3
16.2
5.6
49.1
12.9
14.0
121.3
20.1
6.9
68.4
21.1
23.3
10
169.1
261.1
1
--
65
28
37
56.0
9.9
65.9
2,810.3
1,363.1
1,447.2
30.3
6.0
36.3
1,272.0
729.9
542.1
86.9%
91.8%
88.1%
77.3%
85.5%
98.1%
85.8%
96.5%
99.6%
85.6%
86.8%
92.3%
100.0%
100.0%
100.0%
99.3%
87.0%
95.2%
nm
95.6%
nm
88.5%
90.7%
85.6%
55.7
18.3
74.0
37.6
22.3
9.2
4.5
10.0
4.3
87.9
161.9
5.1
1.1
0.4
3.4
0.9
0.9
4.7
5.9
5.0
3.6
3.1
6.0
5.5
4.3
3.3
3.9
4.4
5.8
13.1
13.7
8.9
5.0
8.0
63.7
20.3
84.1
48.3
26.2
9.4
5.4
10.4
4.3
104.0
188.0
5.5
1.1
0.4
3.4
0.9
1.1
11.9
7.8
12.5
0.9
0.7
1.6
174.5
86.6
87.9
2.3
10.3
5.7
4.7
5.4
3.9
0.9
0.7
1.7
201.2
97.3
104.0
14.0
13.5
13.9
17.3
13.3
12.9
11.6
12.7
12.9
14.4
14.2
6.3
6.3
5.0
4.2
6.9
7.2
6.0
--
--
--
14.0
13.5
14.4
14.0
13.2
13.7
17.4
13.2
12.8
11.7
12.5
12.9
14.4
14.1
3.8
4.7
4.8
4.2
3.5
3.9
4.0
--
9.7
9.7
11.9
10.0
14.4
--
--
--
--
--
--
--
--
--
--
--
3.5
4.4
4.7
4.2
3.3
3.7
3.8
--
--
--
3.8
3.8
--
40
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.776.8k sqm of high-quality real estate
space, providing an expected blended yield on investment cost of 10.7%. The execution of these development projects will be
pursued depending on market conditions and tenant demand.
Secured Projects
Podium III
Globalworth
West
Constanta Business
Park
(Other Phases)(2)
Timisoara Industrial
Park
(I & II) (Other
Phases)
The Luterana
Development
Green
Court D
Status
Type
Est. GLA (k sqm)
Cost / Capex to 31 Dec 21 (€m)
GAV (€m)
Est. Remaining Capex (€m)
Est. Rental Income (100%)
Est. Yield on Cost
Est. Yield on GAV + Capex(1)
Future
Development
Future
Development
Future
Development
Future
Development
Future
Development
Future
Development
Office,
Krakow
Office,
Bucharest
Mix-Use,
Constanta
Industrial,
Timisoara
Office,
Bucharest
Office,
Bucharest
17.7
8.5
9.6
29.7
3.1
8.1%
7.9%
33.4
5.2
7.9
38.5
5.1
11.5%
10.9%
526.2
11.5
35.6
243.6
27.8
10.9%
10.0%
156.8
6.43
10.4
63.5
6.5
9.2%
8.8%
26.4
7.4
14.3
39.7
5.8
12.3%
10.8%
16.2
2.5
6.3
23.9
3.0
11.4%
9.9%
Note: Figures presented as at 31 Dec 2021.
(1)
(2)
Calculated as Est. Rental Income/ (GAV (Dec 21) + Est. Remaining Capex)
50:50 Joint Venture; figures shown on 100% basis
41
Disclaimer
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FORWARD LOOKING STATEMENTS
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("Globalworth") operations, performance, prospects and/ or financial position. These statements can be identified by the use of terms such as “may”, “will”, “should”, “expect”,
“anticipate”, “estimate”, “intend”, “continue”, “target” or “believe” (or negatives thereof) or other variations thereon or comparable terminology. By their nature, forward-looking
statements involve risk, uncertainty and assumptions since they relate to future events and circumstances. Actual results or events may differ materially from those expressed or implied
by those forward-looking statements. Any forward-looking statements in this presentation reflect management's view with respect to those future events as to the date of this
presentation only, and no reliance may be placed on them for any purposes whatsoever. No representation or warranty is made as to the achievement or reasonableness of those
forward-looking statements and should not be taken as a representation that such trends or activities will continue in the future. Any of the assumptions underlying these forward-looking
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42
For more information, please see www.globalworth.com
or contact ir@globalworth.com
43