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Hogan Lovells and White & Case Advise on Takeover Offer for Globalworth Real Estate Investments Share Capital

Hogan Lovells and White & Case Advise on Takeover Offer for Globalworth Real Estate Investments Share Capital

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Hogan Lovells is advising CPI Property Group S.A. and White & Case is advising Aroundtown SA on their joint takeover offer for the entire issued share capital of Globalworth Real Estate Investments Limited.

The offer announcement was published on April 14, 2021, and completion is expected to occur in the third quarter of 2021 subject to the receipt of regulatory approvals.

CPIPG, which is headquartered in Luxembourg and listed on the Frankfurt Stock Exchange, owns and operates a diversified real estate portfolio valued at an estimated EUR 10.3 billion. Aroundtown is a Frankfurt-listed real estate company with a focus on central locations primarily in Germany and the Netherlands.

Globalworth is an AIM-listed, Guernsey incorporated real estate company, with a primary focus on Poland and Romania and a real estate portfolio valued at approximately EUR 3 billion. 

According to Hogan Lovells, "the offer is structured as an all-cash offer by CPIPG and Aroundtown with an equity value of EUR 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 percent 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."

The Hogan Lovells’ team was led by London-based Corporate Partners Daniel Simons and Sarah Shaw and Counsel John Holme.

White & Case's team in London advising on the transaction was 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.

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