CPI Property Group S.A.’s €1.57 Billion Joint Takeover Of Globalworth

Hogan Lovells advised CPI Property Group S.A. on the deal. Ashurst advised Barclays Bank plc and Citigroup Global Markets Europe AG. White & Case LLP has advised Aroundtown SA on the deal.

CPI Property Group S.A. made a joint takeover offer by CPIPG and Aroundtown SA (“Aroundtown”), for the entire issued share capital of Globalworth Real Estate Investments Limited (“Globalworth”), a Guernsey incorporated company whose shares are traded on the AIM Market of the London Stock Exchange (the “Offer”). The Offer announcement was published on 14 April 2021 and completion is expected to occur in Q3 2021 subject to the receipt of certain regulatory approvals.

The Offer is structured as an all cash offer by CPIPG and Aroundtown with an equity value of €1.57 billion. Zakiono Enterprises Limited, a Cypriot company currently owned by CPIPG, is the bid vehicle for the Offer on behalf of CPIPG and Aroundtown. CPIPG and Aroundtown have been building their stakes in Globalworth over time, together owning approximately 51.50 per cent. of Globalworth at the point of announcement. CPIPG and Aroundtown believe that now is the right time to consolidate their expertise in order to develop and grow Globalworth’s business further, which can, in their view, be best executed under their joint ownership of Globalworth.

CPIPG is headquartered in Luxembourg and listed on the Frankfurt Stock Exchange. CPIPG is one of the largest real estate companies in the Central and Eastern Europe (“CEE”) region, operating as a long-term investor in income-generating assets located predominantly in the Czech Republic, Berlin, Warsaw and the broader CEE region. CPIPG owns and operates a large, high-quality and diversified real estate portfolio valued at an estimated €10.3 billion.

The Hogan Lovells’ team was led by  London-based Corporate partners Daniel Simons (Picture) and Sarah Shaw alongside Corporate counsel John Holme.

The Ashurst team is being led by partner Tom Mercer, assisted by senior associate Aimee Carroll-Hewitt, and associates Demi Pham and Colin Bugler.

White & Case LLP has advised Aroundtown SA with a team led by partners Margot Lindsay and Dominic Ross and included partners Marc Israel, Will Smith and Nicholas Greenacre and associates Sonica Tolani, Samirah Haujee and Kate Kelliher.

Involved fees earner: Colin Bugler – Ashurst; Aimee Carroll-Hewitt – Ashurst; Tom Mercer – Ashurst; Demi Pham – Ashurst; John Holme – Hogan Lovells; Sarah Shaw – Hogan Lovells; Daniel Simons – Hogan Lovells; Nicholas Greenacre – White & Case; Samirah Haujee – White & Case; Marc Israel – White & Case; Kate Kelliher – White & Case; Margot Lindsay – White & Case; Dominic Ross – White & Case; Will Smith – White & Case; Sonica Tolani – White & Case;

Law Firms: Ashurst; Hogan Lovells; White & Case;

Clients: Aroundtown SA; CPI Property Group; Globalworth Real Estate Investments Limited;

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Federica Tiefenthaler

Author: Federica Tiefenthaler