The total lettable area of its combined portfolio reached 1 million square meters and its net operating revenue grew 161%, to EUR133.4 million.
“2018 was a tremendous year for Globalworth as we continued our strong growth trajectory both through compelling investments in income producing assets with asset management potential and through development projects, delivered a significant step-up in our financial results, and demonstrated strong operating results across our portfolio in Romania and Poland. We are proud to have established Globalworth as the leading institutional office landlord in the CEE region with a portfolio of prime office assets, supported by a strong team of experienced professionals. With further investments targeted and, in our view, a compelling market outlook, we are set to take further strides forward in 2019,” said Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth.
In 2018, Globalworth completed EUR538 million worth of acquisitions spanning five standing investments in Poland and three land plots in Bucharest, Romania (EUR17.5 million) on which the developer aims to develop new office projects.
During 2018, Globalworth negotiated the take-up or extension of 121,800 sqm of commercial space in Romania and Poland, comprising some 67,900 sqm of new lettings or expansions and 54,000 sqm of renewals, with an average weighted average lease length of 7.1 years.
In terms of developments, Phase A of Globalworth Campus and Renault’s new HQ, both in Bucharest, were completed adding 70,500 sqm of new high-quality space.
Construction of the 34,800 sqm third and final Campus tower is well underway and due for completion in the fourth quarter of 2019, and the group has 60% of the development leased or subject to a letter of intent.
Two further projects have started: the 26,400 sqm Globalworth Square project in Bucharest and a 17,700 sqm unit at the Group’s TAP II logistics project in Timisoara.
In addition, plans are in progress for a further 76,000 sqm of new office projects in Bucharest and up to 150,000 sqm of light-industrial and logistics projects in Timisoara.