Griffin Premium RE.. N.V. (GPRE), the pure-play Polish office real estate platform listed on the Warsaw Stock Exchange, announced today a number of important strategic initiatives marking a new chapter in its corporate development strategy, following the meeting of GPRE’s board of directors on 27 February 2018. These initiatives aim to strengthen GPRE’s future growth and to demonstrate the strong commitment of Globalworth, the controlling shareholder of GPRE, for it to become the leading institutional office investor and landlord in the Polish market. GPRE is being rebranded as Globalworth Poland and will be renamed as Globalworth Poland Real Estate N.V. GPRE has also announced its intention to proceed with a capital raise of €400m to fund further expansion in Poland.
Following the purchase of three high-quality office properties for €160m in December 2017 (West Gate in Wroclaw, Tryton Business House in Gdansk and A4 Business Park in Katowice), the company is currently in advanced negotiations for further acquisitions with an aggregate consideration of around €300 million.
New nominations for GPRE’s board of directors have also been made. It is proposed that Mr Norbert Sasse, CEO of Growthpoint Properties (Growthpoint), and Mr George Muchanya, Growthpoint’s Head of Corporate Strategy, are appointed to the GPRE board. Growthpoint is the largest shareholder of Globalworth and the largest listed REIT in South Africa with some €9 billion group property assets and a market capitalisation of around €6 billion.
Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth, comments: “Globalworth strives to contribute to Poland’s leading position in the CEE real estate market. We have chosen the country as the core market for our expansion in CEE due to its size, liquidity, bright economic prospects, and the outstanding potential to invest in a fast-growing office real estate market. Seeing the continuous and increasing flow of FDI and demand for modern office space in recent years, we believe this is the premier destination for us to develop as the leader of the office market in the region. We enter Poland with a committed, long-term investment strategy, advancing our ambition to become the first-choice partner for globally acclaimed corporates establishing and expanding their business in this part of Europe.”
Malgorzata Turek, Chief Executive Officer of GPRE, adds: "Globalworth’s entry to Poland is positively stimulating the competitive spirit of the local market and has the potential to set new trends. This respected player in the CEE property investment market has a clear vision and strategy to build a strong portfolio of Polish assets and continue on its path as one of the most accomplished landlords in the region.”
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