Globalworth with €450 mln private placement

WSE-listed real estate developer Globalworth Poland (formerly known as Griffin Premium RE) is launching a private placement offer of up to 350 million new shares and plans to raise at least €450 million, the company said in a market filing. The company’s main shareholder, Globalworth Real Estate Investments, will acquire shares worth at least €300 million from the new issue. “The proceeds from the private issue will be used for the purchase of new real estate, repayment of specific loans or credits and for general corporate purposes,” the company said. The company's management has determined that new shares will be offered at a selling price equal to the value determined as the triple net value of EPRA's assets, presented in the company's consolidated annual report for 2017, which is €1.57. The offer as part of a private issue will be held on June 11, and new shares will be allocated to investors the next day.