30th Sep 2013 13:55
LONDON (Alliance News) - Globalworth Real Estate Investments Limited Monday said it has completed the acquisition of Globalworth Asset Managers Srl.
"In line with our communication to investors during the IPO process, GAM represents a milestone acquisition for Globalworth as not only does it own a number of high quality assets, but it also employs a team of very experienced and talented asset management professionals with a proven track record," Iannis Papalekas, Chief Executive, said in a statement.
"With the acquisition of GAM, Globalworth is positioned as a fully integrated real estate investment and management company able to take advantage of the significant investment opportunities that present themselves in our target markets," Papalekas added.
The acquisition was partly funded by the issuance of 6,200,000 shares atEUR5 per share to Zakiono Enterprises Limited. Zakiano will hold 16.9 million shares in the company, which will be admitted for trading on AIM on October 4, according to Globalworth. Zakiano is a founder company of GAM.
GAM, founded and previously owned by Globalworth Real Estate Investments Chief Executive, Papalekas, owns real estate, mainly offices, in Romania.
Globalworth, which launched its IPO on July 25, employs Panmure Gordon as its nominated adviser and joint broker.
Globalworth shares were Monday quoted at 5.8 pence, down 0.07 pence, or 1.3%.
By Samuel Agini; [email protected]; @samuelagini
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