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(Alliance News) - Globalworth Real Estate Investments Ltd on Monday said it has agreed to sell part of its wholly-owned logistics portfolio.
The Central and Eastern Europe-focused real estate investor said the wholly-owned logistics portfolio comprises five logistic or light-industrial parks with ten facilities in Timisoara, Arad, Oradea and Pitesti as well as a majority stake in two small business units projects in Bucharest.
The buyer is CTP Invest Spol SRO, a subsidiary of CTP NV, an industrial and logistics property developer.
"Its disposal is in line with the company's focus on enhancing liquidity, and reflective of the fact that it is considered a non-core asset of the group's portfolio," Globalworth explained.
It added that the base payable to Globalworth is EUR70 million, excluding working capital. The company plans to use the sale proceeds for "general corporate purposes."
Shares in Globalworth were flat at EUR2.44 in London on Monday afternoon.
By Sophie Rose, Alliance News senior reporter
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