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    DGAP-News  172  0 Kommentare CPI PROPERTY GROUP - Globalworth Joint Venture and Strategy Update

    DGAP-News: CPI PROPERTY GROUP / Key word(s): Joint Venture
    CPI PROPERTY GROUP - Globalworth Joint Venture and Strategy Update

    14.04.2021 / 08:27
    The issuer is solely responsible for the content of this announcement.


    CPI PROPERTY GROUP
    (société anonyme)
    40, rue de la Vallée
    L-2661 Luxembourg
    R.C.S. Luxembourg: B 102 254

    Press Release - Corporate News


    Luxembourg, 14 April 2021

    CPI PROPERTY GROUP - Globalworth Joint Venture and Strategy Update

    CPI PROPERTY GROUP ("CPIPG" or the "Group") is pleased to update our stakeholders regarding recent events and other strategic matters.

    CPIPG plans to undertake a series of steps during 2021 which will strengthen the Group's property portfolio while bolstering our capital structure and supporting our credit ratings. The first step, announced today, relates to CPIPG's investment in Globalworth Real Estate Investments Limited ("Globalworth").

    Globalworth Joint Venture with Aroundtown

    On 14 April 2021, CPIPG formed a joint venture with Aroundtown SA ("Aroundtown") (and, together with CPIPG, the "Consortium") and announced a cash offer for the entire issued share capital of Globalworth that the Consortium did not already hold. The Consortium currently owns more than 50% of Globalworth's issued share capital.

    "CPIPG and Aroundtown are both highly experienced, strong and stable owners of European real estate," said David Greenbaum, CFO of CPIPG. "Working together as partners will allow us to maximize long-term value while maintaining Globalworth's investment grade capital structure and excellent teams in Romania and Poland."

    CPIPG sees Aroundtown as an ideal partner, with solid credit ratings and a superb reputation as Germany's largest listed real estate company. CPIPG and Aroundtown agree that Globalworth has excellent assets and a strong track record of successful asset management, including during the challenging COVID-19 period.

    The Group will fund its proportion of the offer in cash. The impact on CPIPG will be positive as any shares purchased will represent an attractive price relative to Globalworth's EPRA NAV per share. The final cash requirement for CPIPG will depend on the number of shares acquired, but under all scenarios the Group expects to remain within its financial policy limits. Aroundtown will purchase shares first in Globalworth to equalize ownership with CPIPG in the Consortium, with further share purchases split equally.

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    DGAP-News CPI PROPERTY GROUP - Globalworth Joint Venture and Strategy Update DGAP-News: CPI PROPERTY GROUP / Key word(s): Joint Venture CPI PROPERTY GROUP - Globalworth Joint Venture and Strategy Update 14.04.2021 / 08:27 The issuer is solely responsible for the content of this announcement. CPI PROPERTY GROUP (société …