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EBRD sells stake in major Romania office owner Globalworth

Banking

The European Bank for Reconstruction and Development (EBRD) said it has decided to sell its 5% stake in Globalworth, the biggest owner of office buildings in Romania.

It will cash in around EUR 77.5 million. EBRD has accepted to sell its shares following the takeover bid carried out by Czech CPI Property Group and German company Aroundtown, which together owned 51.5% of Globalworth's shares when they started the process.

After EBRD's exit, CPI Property Group and Aroundtown will increase their stake in Globalworth to over 59% as several other smaller investors have also decided to accept their offer. South African Growthpoint Properties, which held 29.5% of Globalworth's shares and Oak Hill, one of Globalworth's earliest shareholders, which had a 5.3% stake, haven't announced if they changed their mind about not selling their stakes. They had initially said they would not accept the offer.

Globalworth, which is listed on the London Stock Exchange's AIM market, managed a portfolio of commercial properties worth EUR 3 billion at the end of 2020. Its portfolio consists mainly of office buildings located in major cities in Romania and Poland.

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