July 23 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday that it has sold its stake in Globalworth Real Estate Investments, a real estate investment company targeting opportunities in Romania and Poland.
EBRD sold its share in Globalworth to Zakiono Enterprises Limited, a company ultimately owned by a consortium comprised of CPI Property Group and Aroundtown, it said in a press release.
According to the latest financial annual report issued by Globalworth, at the end of 2020 EBRD held a 5% stake in the company.
The bank did not disclose the deal's value.
However, it said that it agrees with the assessment of Globalworth’s committee of independent directors that the consortium’s offer significantly undervalues Globalworth, its assets and its prospects.
"However, having achieved the goals of this investment and acknowledging the change in the associated investment risks flagged by the committee in its announcement of 12 July 2021 (notably that the liquidity of Globalworth’s shares is reducing further and that the Consortium is now able to exercise statutory control over the company), the EBRD has decided to exit its engagement," the bank said.
The EBRD became a shareholder in Globalworth in November 2017 to facilitate the company’s further growth. As a shareholder, the EBRD supported the introduction of reporting standards in line with the Global Reporting Initiative and the expansion of the green certification of the company’s portfolio, it said.
Globalworth acquires, develops and manages real estate assets in central and eastern Europe with an emphasis on Poland and Romania. It is listed on the Alternative Investment Market of the London Stock Exchange.
In Romania, Globalworth is present with both office and logistics projects in Bucharest, Timisoara, Oradea, Arad, Constanta, and Pitesti, according to its website.