GPRE has announced its intention for a capital raise of €400 million to fund further expansion in Poland. Following the purchase of three high-quality office properties for €160 million in December 2017 (West Gate in Wroclaw, Tryton Business House in Gdansk and A4 Business Park in Katowice), GPRE is currently in advanced negotiations for further acquisitions with an aggregate consideration of around €300 million.

 

New nominations for GPRE's board of directors have also been made. It is proposed that Mr Norbert Sasse, CEO of Growthpoint Properties (Growthpoint), and Mr George Muchanya, Growthpoint's Head of Corporate Strategy, are appointed to the GPRE board.

 

"Globalworth strives to contribute to Poland's leading position in the CEE real estate market. We have chosen the country as the core market for our expansion in CEE due to its size, liquidity, bright economic prospects, and the outstanding potential to invest in a fast-growing office real estate market. Seeing the continuous and increasing flow of foreign direct investment and demand for modern office space in recent years, we believe this is the premier destination for us to develop as the leader of the office market in the region. We enter Poland with a committed, long-term investment strategy, advancing our ambition to become the first-choice partner for globally acclaimed corporates establishing and expanding their business in this part of Europe,” Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth comments.