Capital increase marks a step change
Globalworth (GWI) has announced that it is raising €200m via a subscription by two investors for 25m new shares priced at €8. As well as significantly increasing GWI’s capital available for investment, the terms of the subscription introduce a new dividend policy similar to that of a REIT and strengthen corporate governance structures, in line with its institutional shareholder base. GWI will pay dividends equivalent to at least 90% of FFO and has indicated a total payment of €0.44 per share for 2017 (a yield of 7% on the current share price). We have suspended our forecasts pending shareholder approval of the proposals, expected by 20 December 2016.Globalworth Real Estate Investment is a integrated real estate company operating in the Central and Eastern Europe and South-Eastern Europe region with a primary focus on Romania, where it acquires, develops and directly manages primarily office and logistics/light-industrial real estate assets. Co. has three reportable operating segments: the Offices segment, which acquires, develops, leases and manages offices and spaces; the Residential segment, which builds, acquires, develops and leases apartments; and the Other segment, which acquires, develops, leases and manages industrial spaces and corporate holding offices.
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