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Trading Update

Following our “Update on Covid-19” announcement released on 23 April 2020, Globalworth is pleased to release the following Trading Update summarizing the key highlights of its operating performance during the first six months of the year, including some further updates as to the impact of the pandemic crisis on our operations.

Dimitris Raptis, Co-CEO and Chief Investment Officer of Globalworth, commented: “The quality of our portfolio, our small exposure to the retail segment of the market, the significant cost savings achieved during this period and the strength and depth of our platform have contributed to achieving solid operating performance, demonstrating the strong resilience of our business amidst this unprecedented crisis. The safety and wellbeing of our people, partners, communities, and other stakeholders, is and will continue to be our top priority, as we focus on safeguarding our business, protecting our assets and minimising our exposure to the impact of Covid-19.


  • Healthy leasing activity in H1-2020, with 115.5k sqm of commercial space taken-up or extended at an average WALL of 3.2 years
  • Leases renewed accounted for 74% of our leasing activity, resulting in our WALL remaining substantially the same over the period (4.5 years as at 30 June 2020 vs 4.6 years as at 31 December 2019)
  • Standing portfolio footprint increased by 34.8k sqm mainly attributed to the addition of Globalworth Campus T3 in Bucharest, to 1,248.5k sqm of GLA
  • Average standing occupancy of our commercial portfolio of 93.3% (94.2% including tenant options), decreasing from 94.7% (95.9% including tenant options) at year end 2019. Like-for-like occupancy decreased by 0.8%
  • Measures taken by the authorities against Covid-19 focused on retail/commercial spaces, which account for 7.9% of our contracted rental income as of June 2020
  • Claims received principally by occupiers of space who have been impacted by the Covid-19 pandemic, with claims accounting for 2.4% of annualised contracted rent received and settled with tenants, and further claims accounting for 2.3% of annualised contracted rent rejected or under negotiations
  • The modest economic impact of claims is expected to be substantially mitigated by the cost cutting initiatives already implemented by the Group and through the extensions of leases in place negotiated as part of the Covid-related agreements reached with our tenants
  • Rate of Collections for rents invoiced and due remained high at 92.7% during the first half of 2020
  • Group liquidity position remains very strong with c.€[565] million of cash available as of 30 June, 2020.

To read the full update, please follow this LINK