Globalworth Real Estate reports growth in the value of the portfolio and contractual lease for the 1st half of the year

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Adam Clarke

Globalworth Real Estate Investments Ltd. said on Tuesday that the value of its portfolio increased 1.3% to 3.1 billion euros ($ 3.66 billion) in the first half of 2021.

The London-based real estate company said the growth was driven by new acquisitions and developments. The comparable appraised value of commercial real estate as a whole did not change at 2.7 billion euros.

Annual rental under the contract increased by 1.0% to € 185.2 million compared to the end of 2020. Net operating income for the first half was down 9.4% to € 72.7 million compared to the prior period.

Globalworth posted a profit before tax of € 18.9 million for the period, compared with a loss of € 46.1 million in the prior year, when the company suffered significant losses on the fair value of its properties.

Email Adam Clark at adam.clark@dowjones.com

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