GLOBALWORTH STAKE ACQUISITION
Growthpoint gains a foothold in Romania
The largest South African-based real estate company, Growthpoint Properties, is finally making a foray into Europe, having waited to find a strong investment partner. Growthpoint on Thursday announced it would subscribe for an initial 26.9% stake in Alternative Investment Market-listed Globalworth Real Estate Investment, the largest owner of office space in Romania. Growthpoint, which has market capitalisation of R70.4bn, would make an initial €186.4m investment in the real estate developer, owner and manager, launching Growthpoint’s central and eastern European strategy. Growthpoint CEO Norbert Sasse said this deal offered the real estate investment trust (Reit) a "conservative market entry point and a high-growth investment platform" in a transaction which was "expected to be accretive to its distributions". Globalworth’s €1bn property portfolio included mostly modern A-grade offices, industrial properties, a residential complex, as well as developments. Its portfolio is concentra...
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