CPI Property Group buys Globalworth shares

Deals

Pavel Kapysh/Shutterstock.com

CPI Property Group  (CPIPG) announced the acquisition of 13,391,959 shares (approximately 6% of shares outstanding) of Globalworth Real Estate Investments Limited. CPIPG acquired the shares through a broker on the secondary market, according to a press release sent to the Budapest Business Journal.

Pavel Kapysh/Shutterstock.com

Founded in 2013, Globalworth is a leading owner of income-generating office properties in Poland and Romania with about EUR 2.8 billion of assets generating more than EUR 180 million of gross rental income each year. Globalworth’s best-in class assets include Skylight & Lumen in Warsaw and Globalworth Tower in Bucharest.

Globalworth says that it benefits from a solid investment grade capital structure, strong governance practices and highly experienced management.

"Globalworth has one of the best office portfolios in the CEE region," said Martin Nemecek, CEO of the group. "We believe Globalworth will continue to deliver excellent returns and are proud to introduce CPIPG as a supportive shareholder."

Considering CPIPG’s financial policy, commitment to credit ratings and current capital structure, the group says that it does not intend to make a takeover offer for Globalworth in the near future.

As a new shareholder, CPIPG says that it looks forward to sharing ideas and common experiences with Globalworth’s management, employees and other stakeholders. 

ADVERTISEMENT

Czech economic confidence weakens in September Analysis

Czech economic confidence weakens in September

Parl't extends pandemic legal provisions Parliament

Parl't extends pandemic legal provisions

Energy Efficiency: End-users, Energy Traders and Other Stake... Inside View

Energy Efficiency: End-users, Energy Traders and Other Stake...

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.