London-listed property investor Globalworth Real Estate Investments has received a near-€1.6bn takeover offer from CPI Property Group and Aroundtown.
The bidders, which between them already own around 51.5% of Globalworth’s shares, have priced their offer at €7 a share, a premium of almost a fifth to yesterday’s closing price. The offer values Globalworth at €1.57bn.
Globalworth said it had formed an independent committee following news of a possible offer, but that it had received “no proposal or details as to the terms of any offer… before this morning’s announcement”.
CPI’s €10bn European real estate portfolio is mostly in the Czech Republic, Berlin and Warsaw, with offices accounting for half of the portfolio’s value. Aroundtown is a German-listed real estate investor.
The pair said they plan to “enhance Globalworth’s positioning as a leading Central and Eastern Europe commercial real estate owner and operator, both by increasing investment in existing assets and by expanding its portfolio”.
They added: “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.”
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