Growthpoint CEO Norbert Sasse. Picture: RUSSELL ROBERTS
Growthpoint CEO Norbert Sasse. Picture: RUSSELL ROBERTS

The largest South African-based real estate company, is finally making a foray into Europe, having waited until now to find a strong investment partner.

Growthpoint on Thursday announced it would subscribe for an initial 26.9% stake in London Stock Exchange Alternative Investment Market listed Globalworth Real Estate Investment, the largest owner of office space in Romania.

Growthpoint would make an initial €186.4m investment in the real estate developer, owner and manager, launching Growthpoint’s Central and Eastern European strategy.

Growthpoint’s CEO, Norbert Sasse, said this deal offered the real estate investment trust a conservative market entry point and a high-growth investment platform in a transaction which was expected to be accretive to its distributions.

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