LONDON: Aroundtown SA (AT) together with CPI Property Group SA (CPIPG) announced their firm intention to launch a joint cash offer for Globalworth Real Estate Investments Limited.
The Consortium, which holds over 50% of the issued share capital of Globalworth, is seeking to further increase its joint ownership through an offer to Globalworth shareholders to acquire their shares at a price of at €7.0 in cash for each tendered Globalworth share that the Consortium does not already own.
Both AT and CPIPG hold a strategic long-term investment in Globalworth and believe that their joint effort to pool their expertise is the best way to lift further value potential in Globalworth’s business.
Both companies have competitive advantages that are complementary in supporting Globalworth to become a stronger business under the Consortium’s ownership, benefiting from the significant experience of both Aroundtown SA (AT) and CPI Property Group SA (CPIPG) in successfully managing and operating large real estate businesses.
Further, AT is providing strong asset and management skills, which will be enhanced by the local operational management knowledge of CPIPG, as well as rich financial experience and liquidity firepower.
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The cash offer is expected to keep Aroundtown comfortably within its conservative financial matrix, supported by Aroundtown’s low leverage and very large liquidity balance of over €3 billion of cash and liquid assets as of December 2020.
Aroundtown SA trading on the Prime Standard of the Frankfurt Stock Exchange, is the largest listed and highest rated (BBB+ by S&P) German commercial real estate company. Aroundtown invests in income generating quality properties with value-add potential in central locations in top tier European cities mainly in Germany/NL.
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