London, 14 April 2021 – A cross-border team led by the Hogan Lovells London corporate team is advising CPI Property Group S.A. (“CPIPG”) on the 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 Offer builds on the London corporate team’s relationship with CPIPG which commenced in December 2019 when the team advised CPIPG on its original investment in Globalworth through the acquisition of Zakiono Enterprises Limited.
Daniel Simons, lead Hogan Lovells partner for the transaction said: “It has been a real pleasure to work with the fantastic CPIPG team on this ground-breaking transaction which truly showcases Hogan Lovells’ ability to execute highly complex cross-border transactions in the public M&A arena.”
“CPIPG is grateful for the advice provided by Hogan Lovells in this complex matter,” said Martin Matula, General Counsel of CPIPG. “The team has superb capabilities across various geographies and practices, which has proven valuable during this process.”
The Hogan Lovells’ team was led by London-based Corporate partners Daniel Simons and Sarah Shaw alongside Corporate counsel John Holme.
