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Globalworth Poland Real Estate to raise at least €450M in private placement

Globalworth Poland Real Estate NV plans to raise a minimum of €450 million through a private placement of its new ordinary shares.

Globalworth Real Estate Investments Ltd., the 71.7% owner of the Netherlands-based property company, will subscribe for at least €300 million worth of shares in the offering, which is expected to close June 11. Following closing, Globalworth Poland will repay equivalent amounts outstanding under the loans entered into between the company and Globalworth Real Estate and its affiliates.

The commitment by Globalworth Real Estate also effectively satisfies one of the conditions to the commitment by South African real estate investment trust Growthpoint Properties Ltd. to invest in Globalworth Poland.

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