Board Changes

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

6 December 2021

Globalworth Real Estate Investments Limited

("Globalworth" or the "Company")

Board Changes

Globalworth, the leading office investor in Central and Eastern Europe, announces the following changes to the Board. 

Appointments of Non-Executive Directors

Pursuant to the rights of CPI Property Group SA and Aroundtown SA (together the "Consortium"), through their ownership of Zakiono Enterprises Limited, as set out in the Articles of Incorporation of the Company (the "Articles"), the following individuals have been appointed to the Board as non-executive directors with immediate effect:

Andreas Tautscher

Andreas Tautscher is an experienced Financial Services former executive who now focusses on acting as an independent director for listed and private funds, as well as other regulated businesses. He is currently a Director and Chairman of Audit Committee for MJ Hudson PLC, an AIM listed provider of services to alternative Asset Managers. He also sits on the boards of Doric Nimrod Air 1, 2 and 3, which are LSE-listed aircraft leasing funds.

From 1994 until 2018, Andreas was a senior executive at Deutsche Bank and was most recently CEO of Channel Islands and Head of Financial Intermediaries for EMEA and LATAM. He has experience across the full spectrum of funds, trust and banking services in most of the major financial centers. He also sat on the UK Regional Governance Board of Deutsche and the EMEA Wealth Management Exco.

He has also served on local government advisory committees and was for 6 years a Non-Executive Director on the Board of Virgin Group. Andreas's first career was in the oil industry as a Geologist before moving to PricewaterhouseCoopers where he qualified as a Chartered Accountant in 1994.

Piotr Olendski

Piotr Olendski is currently serving as Management Board Member and Chairman of the supervisory boards of several Polish companies in the renewable energy sector. Prior to this, he was a Managing Director in PZU SA in charge of property and casualty corporate insurance and Deputy Chairman of the Supervisory Board of PZUW SA (a subsidiary of PZU). Prior to PZU, Mr Olendski worked for 19 years for Deutsche Bank Polska SA, including acting as Management Board Member responsible for investment banking for 7 years.

Favieli Stelian

Favieli Stelian has over 25 years of international experience in real estate, renewable energy, business, finance and accounting. Today living in Romania, he is the Managing Partner of Nofar Energy.

From 2010 until the end of 2021, he has been the CEO of Shikun & Binui Romania (listed on the stock exchange in Israel). Prior to that, Mr Stelian was a director or manager of several Israeli companies both in Israel and Romania. Mr Stelian has a Master's degree in Law from Bar-Ilan University, specialising in capital funds, intellectual property, international commerce. He also has a Bachelor's degree in Business Administration and is a certified public accountant.

Daniel Malkin

Daniel Malkin is an Independent Director and member of the audit committee at Grand City Properties SA. He is also the co-founder and managing director at SIMRES Real Estate SARL. Before joining Grand City, Mr Malkin served as an independent Investment and Fund Manager of fixed income investment funds at Excellence Investment Bank and he has also served on the board of directors of several other Luxembourg companies. He holds a BA in Business Administration.

Pursuant to the rights of Growthpoint Properties Limited ("GRT"), as set out in the Articles, George Muchanya has been re-appointed as a non-executive Director. Mr Muchanya previously served as a Non-executive Director pursuant to GRT's rights from 27 February 2017 until 23 April 2020, and since then has acted as an alternate Director to Norbert Sasse, Non-Executive Director.  

Mr Muchanya is Head of Corporate Finance at GRT and is a member of its Executive Committee. He has 25 years' experience spanning engineering, management consulting and real estate. George holds a BSc in Engineering from the University of Natal, MBA from Wales University, a certificate in Corporate Finance from the London Business School, as well as a leadership certificate from Harvard Business School.

Directors leaving the Board

It was announced on 28 September 2021 that, pending confirmation of anticipated changes to Globalworth's Board in order to reflect the Consortium's majority shareholding in Globalworth, Geoff Miller, John Whittle and Andreea Petreanu had been re-appointed by the Board for an interim period.  Now that the changes set out above have been implemented, Mr Miller, Mr Whittle and Ms Petreanu are leaving the Board with immediate effect.

Board Committees

The Committees of the Board will now be composed as follows:

·    Nomination Committee: Daniel Malkin (Chair), George Muchanya, Andreas Tautscher

·    Remuneration Committee: Piotr Olendski (Chair), Martin Bartyzal, Richard van Vliet, Favi Stelian

·    Risk Committee: David Maimon (Chair), Richard van Vliet, Martin Bartyzal, Daniel Malkin

·    Audit Committee: Andreas Tautscher (Chair), Daniel Malkin, Richard van Vliet

·   Investment Committee: Favi Stelian (Chair), Piotr Olendski, Norbert Sasse, Dimitris Raptis, David Maimon

Board Composition

Following the above changes to the Board:

·    Martin Bartyzal has been elected as chair of the Board; and

·    The Board will comprise one executive director and nine non-executive directors (of which seven, including the chair, are considered to be independent in accordance with the UK Corporate Governance Code).

Martin Bartyzal, incoming chair of the Board, commented: "On behalf of the whole Board, I would like to thank Geoff Miller, John Whittle and Andreea Petreanu for their many and significant contributions over the years, during which time Globalworth has grown into the leading real estate company in the CEE real estate market through its market-leading positions both in Poland and Romania. I look forward to steering the Company through the next stages of its evolution."

For further information visit www.globalworth.com or contact: 

Enquiries 

Additional Information

In accordance with the AIM Rules, the following information required to be disclosed in relation to each of the directors is set out below. Other than this information, there is no further information required to be disclosed under paragraph (g) of Schedule Two of the AIM Rules.

Andreas Tautscher

Full name and age

Andreas Josef Tautscher, aged 55

Current beneficial shareholding in the Group

None

Current directorships

MJ Hudson Advisers Limited

Doric Nimrod Air Finance Alpha Limited

Doric Nimrod Air One Limited

Doric Nimrod Air Two Limited

Doric Nimrod Air Three Limited

BH Global

DNA Alpha Limited

MSN077Limited

MSN090 Limited

MSN105 Limited

MJ Hudson PLC

Brooks Macdonald Asset Management International Limited

Hillview Management Limited

Hillview General Partner HPPF III Limited

RTP Global Partners III GP

Carey Commercial Limited

Carey Trustees Limited

Arolla Partners Guernsey Limited

Former Directorships (previous five years)

Deutsche Bank Mauritius Limited

Deutsche Bank Cayman Limited

Deutsche International Corporate Services Limited

Deutsche International Corporate Services Ireland LTD

Deutsche International Trust Corporation (Mauritius) Ltd

Deutsche Fiduciary Services SA Limited

Altair Partners Limited

Remus Horizons Mgmt Ltd

Remus Horizons PCC Ltd

Deutsche Bank International Limited

Deutsche Bank International Trust Co Cayman Ltd

Daniel Malkin

Full name and age

Daniel Malkin, aged 45

Current beneficial shareholding in the Group

None

Current directorships

Grand City Properties S.A.

SIMRES Real Estate SARL

Former Directorships (previous five years)

Falcon Invest SICAV

Falcon Fund SICAV

Swiss World Invest SICAV

Falcon Multilabel SICAV

Della SARL, Luxembourg

Edge Hamburg 2 SARL

SXB 2 SARL

OVG Cloud SARL

SXB 1 SARL

Edge Hamburg 1 SARL

Favieli Stelian

Full name and age

Favieli Stelian, aged 47

Current beneficial shareholding in the Group

None

Current directorships

Shikun Point Management SRL

Point Development

City Point Development Srl

Grand Mall Investments Srl

Oxford Residence Srl

Aviatei park Development SRL

Former Directorships (previous five years)

None

Piotr Olendski

Full name and age

Piotr Karol Olendski, aged 52

Current beneficial shareholding in the Group

None

Current directorships

Sunrise Energy Sp. z o.o.

OZE Biomar S.A.

Stowarzyszenie przy IV L.O.  im. T. Reytana

Former Directorships (previous five years)

Towarzystwo Ubezpieczen Wzajemnych Polski Zaklad Ubezpieczen Wzajemnych

Plus Bank S. A.

Deutsche Bank Polska SA

About Globalworth / Note to Editors: 

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 Poland and Romania. Globalworth acquires, develops and directly manages high-quality office and industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 230 professionals across Cyprus, Guernsey, Poland and Romania, a combined value of its portfolio is €3.1 billion, as at 30 June 2021. Approximately 95.1% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of over 650 national and multinational corporates. In Poland Globalworth is present in Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice, while in Romania its assets span Bucharest, Timisoara, Constanta and Pitesti. For more information, please visit www.globalworth.com and follow us on Facebook, Instagram and LinkedIn.

IMPORTANT NOTICE: This announcement has been prepared for the purposes of complying with the applicable laws and regulations of the United Kingdom and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom. This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and involve predictions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies and the industry in which it operates. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. Save as required by law or regulation, the Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.