Czech CPI Property Group (CPIPG), owned by billionaire Radovan Vitek, continued to buy shares in real estate investment company Globalworth on February 5, increasing its stake from 27.7% to 29.404%.

Following this new acquisition round, the Czech group became the biggest shareholder of the company that owns the largest portfolio of office spaces in Romania.

CPIPG holds 30.68% of the voting rights in Globalworth, as it also took over warrants for Globalworth shares from founder and CEO Ioannis Papalekas together with his shares in the company.

On January 31, the Czech group bought 10.7% of Globalworth from Papalekas in a deal worth over EUR 280 million, reaching a 17% stake. CPIPG continued its acquisitions after that and increased its stake to 27.7% and then 29.4%. Among the sellers were Globalworth directors as well as Israeli group Altshuler Shaham, which liquidated its 6.28% stake in the company.

CPIPG has invested over EUR 600 million in Globalworth so far. The company’s other major shareholders are South African group Growthpoint, with a 29.4% stake, and German developer Aroundtown, with 21.9% of the shares.

Globalworth owns EUR 2.8 billion worth of properties in Romania and Poland and has a market capitalization of EUR 2.1 billion.

editor@romania-insider.com

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