Globalworth, one of the leading office investors in Central and Eastern Europe, has entered into a new 200 million-euro unsecured revolving credit facility (RCF) with a syndicate of its relationship banks and selected new lenders.
The RCF has a term of four and a half years and an additional 50 million-euro uncommitted accordion option. The terms of the RCF have been structured to generally align with the company’s existing Euro Medium Term Note (EMTN) programme. The Globalworth board believes that the RCF will provide the company with flexible, committed capital at an attractive interest rate.
“This new financing facility adds flexibility to Globalworth’s capital structure, consistent with the EMTN programme introduced last year and the company’s use of both equity and debt to fund its investment pipeline. We are delighted with the level of support received from a number of global financial institutions, affirming our growth strategy and the robust fundamentals of our markets,” said Mihai Zaharia, Globalworth’s investment and capital markets director.
The RCF was arranged by JP Morgan Securities and participating banks include Banca Transilvania, Bank Of China, BRD Groupe Societe Generale, Deutsche Bank, JP Morgan Chase Bank, Intesa Sanpaolo and Raiffeisen Bank International.
Quoted on the AIM-segment of the London Stock Exchange, Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets Poland and Romania. The combined value of its portfolio stood at 2.85 billion euros at the end of June.
The firm’s latest acquisitions – announced on November 4 – include two office developments in Poland: Chmielna 89 (pictured above), a 14-storey building in Warsaw; and Tischnera Office, located south of the historic centre of Kraków. Both developments are set for completion during the first quarter of 2020, and were bought from developer Cavatina Holding. The purchase price was not disclosed.
Photo: Cavatina Holding