Global law firm Ashurst is advising Barclays Bank plc and Citigroup Global Markets Europe AG on the €774 million cash offer for Globalworth Real Estate Investments Limited, announced today by CPI Property Group SA and Aroundtown SA.
Globalworth is a Guernsey incorporated real estate company listed on AIM, and acquires, develops and manages commercial real estate assets, primarily in the office sector with a primary focus on Poland and Romania, the two largest markets in Central and Eastern Europe. Globalworth is managed by approximately 226 professionals across Cyprus, Guernsey, Romania and Poland and has an overall real estate portfolio valued at approximately €3.0 billion as at 31 December 2020.
CPI is one of the largest real estate companies in Central and Eastern Europe and owns and operates a large, high quality and diversified real estate portfolio. Aroundtown is a Luxembourg incorporated real estate company with a focus on income generating quality properties with value-add potential in central locations in top tier European cities primarily in Germany and the Netherlands, with its shares admitted to trading on the regulated market of the Frankfurt Stock Exchange. The offer will be implemented through an indirectly wholly-owned subsidiary of CPI, Zakiono Enterprises Limited and values the entire issued and to be issued share capital of Globalworth at approximately €1,571 million (or €774 million in respect of the entire issued and to be issued share capital of Globalworth not owned by CPI and Aroundtown).
The Ashurst team is being led by partner Tom Mercer, assisted by senior associate Aimee Carroll-Hewitt, and associates Demi Pham and Colin Bugler.