Griffin Premium RE.. has signed an investment agreement with Globalworth Asset Managers SRL, a subsidiary of Globalworth Real Estate Investments Ltd (“Globalworth”), the real estate investment company listed on the AIM section of London Stock Exchange and one of the largest and most respectable office investors in the region. Under the agreement and by way of a public tender offer directed to all investors of Griffin Premium RE.. N.V, Globalworth is to acquire, subject to certain conditions precedent, a minimum of 50.01 percent and up to 67.9 percent of the issued share capital of Griffin Premium RE.. N.V. while retaining the current listing of its shares at the Warsaw Stock Exchange.
In addition, Griffin Premium RE.. has contracted to acquire three high-quality office properties from EPP for an aggregate purchase price of approximately €160 million. The office properties are West Gate in Wrocław, Tryton Business House in Gdańsk and A4 Business Park in Katowice. The acquisition is expected to be completed by the end of January 2018.
“We welcome Globalworth as a committed long-term strategic investor in our company. This is a defining moment in the development of GPRE as it provides a solid basis for future growth and value creation for our shareholders. We believe that the Polish market remains very attractive and look forward to leveraging Globalworth’s experience and industry knowledge in our ambition to become the leading institutional office investor in Poland. The acquisition of a high-quality office portfolio from EPP, also announced today, represents a major step towards achieving this ambition,” said Małgorzata Turek, chief executive officer at GPRE.
“As our largest investment to date and our first transaction outside of the Romanian market, this expansion into Poland, the largest market in Central and Eastern Europe, is a pivotal development in Globalworth’s strategy to establish itself as the region’s leading office investor. As previously stated, we have prioritised the Polish market as a core target for expansion due to its size, liquidity, strong fundamentals and depth of opportunities. Drawing on GPRE’s strong experience and excellent reputation in the Polish market, we will continue to grow its portfolio in Poland as we strive to become the partner of choice for the wide variety of high-quality tenants looking to expand in the region,” added Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer at Globalworth.
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