We continue to monitor the investment market for investment opportunities, and we may decide at a later stage to pursue an investment with particularly attractive potential returns – Dimitris Raptis, Co-CEO & Chief Investment Officer Globalworth.
What type of adaptive measures the company / your project(s) needed?
First and foremost, in terms of safety and well-being, we comply with all the norms and we have taken all necessary and appropriate relevant measures in our portfolio, especially in the common areas where the risks are highest. We have heightened the measures in all our office buildings, and we have also implemented a strict daily cleaning program. All surfaces with high traffic, such as receptions, stairs, lobbies, elevators and toilets are disinfected with a special product that destroys viruses, approved by the relevant authorities. These spaces are being cleaned every two hours. In addition, Globalworth has placed dispensers with alcohol-based disinfectant in all its lobbies. On all our screens we show videos with hygiene tips and measures that each of our tenants should follow.
As strict lockdown and traffic circulation measures are being lifted, we have also devised a comprehensive plan and set of recommendations for our tenants as more and more of their employees will return to the office.
From a costs and cash flow protection perspective, we have been implementing many significant measures and will continue to do so on the basis that this crisis may be unprecedented in terms of both severity and longevity.
What were the lessons of this period?
We have learned a lot and there is still a lot to be learned. We are facing a truly unprecedented crisis and perhaps one of the most important lessons is how to stand together in this fight. We are taking all the proper measures and we do everything we can to safeguard the business and support the real estate industry, but above all these, we should show that we care and support each other. We build offices, we build communities, and we are here, ready to reinforce the sense of solidarity around our community. Therefore, the Globalworth Foundation is strongly involved in supporting the fight of the epidemic in both Poland and Romania. So far, our foundation has allocated Euro 600,000 to assist hospitals and related staff in both countries who are in the front line of this unprecedented fight putting their own health at risk. We are all grateful and appreciative for their extraordinary effort and commitment to protect lives.
What is the status of your current project(s) and investments planned for 2020-2021?
New investment activity is currently suspended. We continue to monitor the investment market for investment opportunities, and we may decide at a later stage to pursue an investment with particularly attractive potential returns. In terms of our ongoing construction projects, all our construction sites are open and functional. We ad here by and monitor all COVID-19 related health and safety measures. We are on schedule with all the planned deliveries, but given the unpredictable situation, we are prepared with different plans and solutions and at the right time we can intervene – depending on how things evolve.
Which are the advantages of your business and products, going forward? What are your expectations from the public sector?
Following the current situation in Romania, we have made, together with the members of AREI (The Association of Real Estate Investors in Romania), a list of emergency measures to try to better safeguard the real-estate industry during these times. We believe that given the nature of our portfolio and assets, our robust balance sheet and liquidity position, the early and drastic cost saving measures, and the strength and ongoing commitment of all our employees, our business is well positioned.
What transformations you expect in your sector, their effects for the Romanian economy and in a regional perspective?
There will be a significant impact on the global economy, which will be obviously felt in Romania too. As the situation is still very fluid, we cannot estimate the magnitude of the crisis yet. Therefore, we are prepared with the business continuity for several scenarios. For sure, certain norms and patterns in the office market will change. Working from home and social distancing may be with us for a long time hence affecting how corporates think about their occupational strategy. On the other hand, Romania and Poland have fared better than other developing markets (especially in Asia) but also many developed too in Europe, and this should provide confidence to multinationals to continue looking at our markets as attractive destinations to establish and expand operations.
What is your message to clients and partners?
The safety and wellbeing of our people, partners, communities, and other stakeholders, continue to be our top priority as we focus on safeguarding our business, protecting our assets, and minimizing our exposure to the impact of Covid-19. I am extremely proud and grateful to our teams and partners who work day by day to ensure the business continuity. Special thanks for their tireless work and efforts so far!
An article published in the exclusive supplement – “Market pulse report, Romania – The new normal” | June 2020
A property market tour, including major cities, with projects status and updated opportunities at the end of the lockdown in Romania – June 2020. | Essential news with the current status of further investments, clients and partners relations, new priorities for the post crisis cycle. | B2B communication report – to help you mark your statements during the changes period.
“Romania’s Real Estate Yearbook 2021” – November 2020
An essential, integrated, printed, safe, market guide, mirroring the pulse of the market, at the official turn of the decade, post crisis, for 2021.
8th edition, exclusive | Romania’s most comprehensive investment guide – unique concept | office & innovation parks | logistic & industrial parks | investment opportunities | international trends guide| leading business contacts | opportunities for 2021: residential, retail, HoReCa | tailored distribution – the most diverse business areas.
Print & online editions, November 2020, premium, English.
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