(Ecofin Agency) - Growthpoint Properties, one of South Africa's largest real estate investment companies, which manages a portfolio of more than 500 properties in Europe, Australia, and South Africa, has received an offer to sell the 65.2 million shares, representing its 29.5% stake in a London-listed real estate company active in Central and Eastern Europe.
The offer was made by two Luxembourg companies, Aroundtown SA and CPI Property Group SA, which own 51.5% of Globalworth Real Estate Investments Limited (Gwi). The two investors are offering €7 for each share of Growthpoint. They hope to increase their stake in this commercial real estate asset management company, whose global portfolio was valued at around €3 billion as of December 31, 2020.
According to a note published on the Johannesburg Stock Exchange, if Growthpoint decides to accept the offer, based on the proposed price and the exchange rate, the value of the transaction will be around R7.9 billion, or 17.64% of Growthpoint's current market capitalization.