– GUERNSEY, St. Peter Port – Globalworth Real Estate Investments Limited (LON: GWI), the leading office investor in Central and Eastern Europe, announces changes to its Board of Directors and an update regarding the COVID-19 outbreak.
Ioannis Papalekas, the Founder, is stepping down from the Board of Directors of Globalworth with immediate effect but will remain as CEO of the Company. Dimitris Raptis, the current Chief Investment Officer and Deputy CEO, has been appointed co-CEO alongside Mr Papalekas whilst retaining his role as Chief Investment Officer.
Mr Raptis will remain on the Board of Directors of Globalworth and will act as the main point of communication between the board and executive management.
This decision has been made after consultation with the Company’s major shareholders and will allow Mr Papalekas to focus completely on his responsibilities in managing the Company’s business and operations in the near term, especially in light of the outbreak of the COVID-19 global epidemic and crisis.
Following the above changes to the Board, the Board will comprise one executive director and nine non-executive directors.
Subject to completion of customary due diligence, the Company intends to appoint Martin Bartyzal as a Non-executive Director of Globalworth as soon as practicable. This appointment is pursuant to the rights of CPI Property Group SA, through its ownership of Zakiono Enterprises Limited, to nominate and appoint one non-executive director for every 8% of the issued share capital of the Company held by Zakiono.
Geoff Miller, Chair of the Board, commented: “These changes to the Board will, we believe, enhance its effectiveness and are in the best interests of the Company as a whole. At this critical and pivotal time, the Board members continue to work extremely closely with our executive team, both at the Board level and through the committees of the Board. I believe that the Company as a whole will be strengthened by the fact that Ioannis is now entirely focused on managing the Company’s business and operations in the near term, whilst Dimitris will have the primary responsibility for board communications as well as co-managing business and operational matters”.
About Globalworth
Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high-quality tenants from around the globe. Managed by c.240 professionals across Cyprus, Guernsey, Romania and Poland, the combined value of its portfolio is €3.04 billion, as at 31 December 2019. Approximately 93.4% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 715 national and multinational corporates. In Poland Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span in Bucharest, Timisoara, Constanta and Pitesti.
For more information: https://www.globalworth.com
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