Czech real estate investments group CPI Property Group (CPIPG), 90% controlled by billionaire Radovan Vitek, has increased its stake in Globalworth, the biggest office space owner in Romania, to 27.75% (29% of the voting rights) after several new transactions carried out on Monday, February 3.

CPIPG announced in January that it bought a 6% stake in Globalworth worth about EUR 130 million. Then, on February 3, the company announced it bought an additional 10.7% stake in the company from its founder and CEO, Greek businessman Ioannis Papalekas, through a transaction concluded on January 31. CPIPG paid Papalekas over 276 mln for his remaining stake in Globalworth.

The Czech group continued its acquisitions and added another 11% of Globalworth’s shares following transactions closed on Monday, February 3, estimated at EUR 240 million. Among the sellers were Globalworth deputy CEO Dimitris Raptis, who sold shares worth about EUR 5.4 million, and non-executive director Eli Alroy, who sold shares worth EUR 10.7 million, according to Globalworth reports.

The Czech investor has invested over EUR 500 million so far to become Globalworth's second-biggest shareholder. South-African group Growpoint Investments is Globalworth’s biggest shareholder, with a 29.4% stake. Other major investors include German group Aroundtown - 21.9%, Israeli investment group Altshuler Group - 6.2%, and EBRD - 5%.

Globalworth owns EUR 2.8 billion worth of properties in Romania (EUR 1.2 bln) and Poland (EUR 1.6 bln) and has a market capitalization of EUR 2.2 billion.

editor@romania-insider.com

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