Office property investor Globalworth swings into profit in H1

Property developer and investor Globalworth, focusing on the office segment so far but shifting to the logistics segment, reported EUR 12.5 mln net profit in the first six months of this year (H1), compared to a loss of EUR 48.5 mln in the same period last year.

The revenues and earnings from operations have contracted this year, though, amid rising vacancy rates due to the pandemic.

The company’s total revenues stood at EUR 108 mln, almost 6% lower than the first six months of 2020, Economica.net reported. The net operating profit for H1 was EUR 72.1 mln, nearly 10% down compared to 2020.

The only deals that Globalworth made this year, after freezing its investment activity in 2020, were two logistics properties in Arad and Oradea (western Romania).

The company has shifted its focus to developing new logistics spaces in Romania, with an area of almost 100,000 square meters on the pipeline. In Timișoara, Globalworth has under construction logistics spaces of 19,000 square meters, which will be delivered in 2022. At Chitila Logistic Hub (near Bucharest), a project developed in partnership with Global Vision, phases B and C are under development, which will bring to market a plus 54,000 sqm this year, but also in 2022.

(Photo source: Globalworth)