CPI Property Group formed a joint venture with Aroundtown SA to buy London-listed Globalworth Real Estate Investments in a deal valued at approximately €1.57 billion ($1.88 billion).
Shareholders in Globalworth, which mainly operates in the office sector in Poland and Romania, will be entitled to get €7 ($8.4) per share in cash.
CPI and Aroundtown intend to enhance Globalworth's positioning as a leading CEE commercial real estate owner and operator, both by increasing investment in existing assets and by expanding its portfolio. CPI and Aroundtown believe that this can be best executed under their joint ownership, where access to capital and operational expertise is more readily available.
"CPI and Aroundtown are both highly experienced, strong and stable owners of European real estate. Working together as partners will allow us to maximize long-term value while maintaining Globalworth's strong investment-grade capital structure and excellent teams in Romani
