Globalworth, the leading office investor in Central and Eastern Europe, is pleased to release its Annual Report and Audited Consolidated Financial Results for the year ended 31 December 2020. The company’s clear strategic approach to the COVID-19 business recovery process has resulted in balanced growth, with a net operating income increased by 6.5% to €157.3 million and a total combined portfolio value which remained effectively unchanged at €3.0 billion.
As the office market leader in Poland and Romania, the two largest markets in CEE, we adopted a very cooperative approach with our tenants, understanding their needs and offering flexible and smart solutions, particularly in this period of higher uncertainty due to the Covid-19 pandemic. In 2020 we successfully took-up or extended/renegotiated c.303.5k sqm of commercial spaces in our portfolio of high-quality properties, representing c.25% of our total standing commercial GLA. This represented the highest volume of leasing activity which we have ever achieved, mostly attributed to the successful negotiations with our existing tenants who appreciated our collaborative and flexible approach. The very strong tenant relationships were also confirmed in our standing commercial occupancy, which remained high at 90.9% (91.7% including tenant options) as at year-end, impacted however by the delivery of properties under development still in lease-up stage and a 3.3% decrease in like-for-like occupancy due to the very challenging market conditions.
“Despite the significant disruption in the economic and social activity during most of 2020, I am pleased to report that our core strengths and competitive advantages have resulted in a very resilient operating performance and financial results. At the same time, we kept close to and supported our clients and the broader community within which we live and operate, reinforcing our position as THE landlord of choice in our home markets. Whilst 2021 will continue to present a number of challenges, I firmly believe that the worst is behind us and I am confident and excited about the opportunities that lie ahead of us”, said Dimitris Raptis, CEO of Globalworth Group.
For more details, please download GLOBALWORTH ANNUAL REPORT 2020 here.
Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland. Globalworth invests, acquires, develops, and directly manages high-quality office real estate assets and industrial and logistics parks in prime locations, generating rental income from high-quality tenants from around the globe. Managed by over 200 professionals across Cyprus, Guernsey, Romania and Poland, Globalworth has a combined portfolio value of €3.0 billion, as at 31 December 2020. Approximately 92.5% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of c.650 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara, Constanta, and Pitesti, while in Poland its assets span over Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice.