CPI Property Group SA and Aroundtown SA - Frankfurt-listed real estate owners - Consortium buying out Globalworth Real Estate Investments Ltd has its takeover bid approved by the Romanian Competition Council. CPI and Aroundtown currently own just over half of Globalworth. The company's real estate portfolio was worth around EUR3.0 billion as of December 31, the prospective buyers say.
Aroundtown's properties are mainly in Germany and the Netherlands, while CPI and Globalworth are focused on central and eastern Europe. If the offer succeeds, CPI and Aroundtown will eventually own 50% each of Globalworth. The buyers plan to increase investment in Globalworth's assets and expand its portfolio, saying joint ownership will give more access to capital and operational expertise.
Aroundtown current stock price: EUR6.52
Year-to-date change: up 6.5%
Globalworth current stock price: EUR6.66
Year-to-date change: down 6.6%
By Will Paige; willpaige@alliancenews.com
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Globalworth (GWI)