Globalworth Real Estate Investments Ltd. unit Globalworth Poland RE raised €450 million from its private placement of 286,624,204 new shares, of which €300 million worth of shares were subscribed by the parent and €150 million of shares by South African real estate investment trust Growthpoint Properties Ltd.

Globalworth Holding BV and Growthpoint Properties International (Pty.) Ltd., units of the two respective investors, were issued 191,082,803 and 95,541,401 shares at €1.57 apiece, according to Globalworth Poland. This brought the shareholding of Globalworth Real Estate and Growthpoint Properties in the Amsterdam-based office landlord to 68.4% and 21.6%.

As planned, the Warsaw-listed unit, formerly called Griffin Premium RE, will also repay €300 million of outstanding debt under the loans signed with Globalworth Real Estate and its affiliates, thus keeping the parent company's investment in Globalworth Poland the same.

The company will use the net proceeds from the issuance to acquire new properties, to repay loans and for general corporate purposes.

Trading in the new shares on the Warsaw Stock Exchange will start in mid-July, following the Dutch Authority for the Financial Markets' approval of a listing prospectus.

Separately, the subsidiary will pay a per-share dividend of 11 groszy on June 28 to shareholders on record as of June 18.

As of June 13, US$1 was equivalent to 3.63 zloty.