WOOD Flash – Globalworth: CPI and Aroundtown to launch a joint takeover bid at EUR 7.0/share
CPI and Aroundtown have announced that they intend to launch a joint cash offer for the remaining shares of Globalworth. The offer implies some 20% discount to the end-2020 EPRA NAV, and would translate into an FFO yield a touch below 5% on the 2020 figures. CPI and Aroundtown together hold 51.5% of Globalworth. The offer price values the remaining stake in Globalworth at EUR 751m. The 20% discount is fairly high, and it is not clear, in our view, whether Growthpoint would be happy to sell at this level. Growthpoint owns a 29.5% stake in Globalworth, having invested initially at the end of 2016 via a capital increase, priced at EUR 8.0/share. It has also participated in subsequent capital increases: in December 2017 (EUR 8.75/share), April 2019 (EUR 9.10/share) and October 2019 (EUR 9.25/share). We estimate the weighted average price at which Growthpoint entered into Globalworth at roughly EUR 8.5/share.Globalworth Real Estate Investment is a integrated real estate company operating in the Central and Eastern Europe and South-Eastern Europe region with a primary focus on Romania, where it acquires, develops and directly manages primarily office and logistics/light-industrial real estate assets. Co. has three reportable operating segments: the Offices segment, which acquires, develops, leases and manages offices and spaces; the Residential segment, which builds, acquires, develops and leases apartments; and the Other segment, which acquires, develops, leases and manages industrial spaces and corporate holding offices.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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