Globalworth Real Estate Investments’ portfolio continued to face challenging macroeconomic environment during 2024.
The REIT’s total combined portfolio value dropped by 13.2% to €2.6bn (£2.2bn) as at the end of 2024, hit by the disposal of non-core assets. On a like-for-like basis, the fall was less marked, down by 1.6% from 2023.
Globalworth is pressing ahead with divestment of interests in non-core assets with the aim of deleveraging and enhancing liquidity. The company sold off more than 4m sq ft of its property portfolio in 2024, leaving it with just over 1m sq ft of mixed-use space across 56 properties.
Annualised contracted rents decreased by 6.8% to €187.5m, also driven by asset disposals. On a like-for-like basis, annualised commercial contracted rents increased by 4.5% to €177.6m, mainly driven by rent indexation.
Pretax loss widened to €84.6m, up from €61.5m year-on-year.
Dennis Selinas, chief executive at Globalworth, said: “Throughout 2024, Globalworth achieved key milestones aimed at strengthening our business and improving our financial profile. Our performance remained robust as we have continued to focus on core-business resilience by implementing our ‘local landlord’ approach.”
Send feedback to Evelina Grecenko
