Growthpoint stakes out growth in Globalworth Poland
GROWTHPOINT Properties said its wholly-owned subsidiary Growthpoint Properties International has increased its stake in Globalworth Poland Real Estate (GPRE) to 21.6 percent.
This comes after the group said yesterday that it had subscribed for 95.34 million shares in Globalworth Poland at €1.57 a share for a total of €150 million (R2.31 billion).
Growthpoint said Globalworth in December announced its intention to raise a minimum €300m through the issue of new ordinary shares on the back of its expansion into Poland and in response to significant investor interest.
GPRE has succeeded in delivering in that regard by announcing a successful closing of a private placement of its ordinary shares, at €1.57 a share, raising gross proceeds of €450m, through which the company subscribed for €300m and Growthpoint Properties subscribed for €150m .
“Following the closing of the private placement, Globalworth’s shareholding in GPRE will be 68.4 percent and Growthpoint’s shareholding will be 21.6 percent,” GPRE said.
The group said in conjunction with this placement GPRE would repay 300m of outstanding debt, including the principal, interest and any other amounts due, under the loans entered into between GPRE and the company and its affiliates, resulting in no change in the company’s net investment in GPRE.
Globalworth is a listed real estate company active in Central and Eastern Europe and is listed on the AIM-segment of the London Stock Exchange. It has become the leading office investor in the Romanian real estate market and has now established a significant platform in Poland, through a majority shareholding in Globalworth Poland.
Growthpoint has been actively increasing its stake in that region and in December the group said it was increasing its stake in Romania-focused Globalworth Real Estate Investments from 26.9 percent to 29.5 percent.
On Wednesday, Growthpoint Properties also launched South Africa’s first unlisted healthcare real estate investment trust, Growthpoint Healthcare Property Holdings.
The group said the introduction of Growthpoint Healthcare has received strong market interest with its first close attracting capital commitments of R285 million from third parties. The group expects to raise at least double that amount in the next 12 months.
Growthpoint Healthcare will be managed by Growthpoint Management Services and it aims to increase Growthpoint Healthcare’s scale for investors and grow it towards R10 billion in assets and a stock exchange listing.
The new property holding vehicle invests exclusively in healthcare assets in South Africa occupied by licensed operators of hospitals, clinics, pharmacies, and laboratories. Its focused investment mandate differentiates it.
Growthpoint shares rose 1.42 percent to close at R27.19.