Globalworth Real Estate Investments is selling its 50% stake in a portfolio of logistics assets in Romania, owned through a joint venture, for €56 mln.
The sale is expected to be finalized by July 18th but is still subject to standard requirements and approvals. Globalworth noted that completion of the deal is not guaranteed.
The sale aligns with the company's goal of reducing debt and improving cash flow by disposing of non-core assets.
Earlier this year, Globalworth sold six industrial parks in Romania to CTP, as well as five logistic parks in Timisoara, Arad, Oradea and Pitesti and a majority stake in two small business unit projects in Bucharest to CTP Invest, a subsidiary of CTP.
Globalworth also announced it is offering to buy back up to €60 mln of its outstanding debt. This includes parts of two series of notes maturing in 2029 and 2030. The goal is to reduce debt and lower interest expenses. The offer expires on July 17th.
The purpose of the tender offers is to manage debt levels (leverage), maintain a healthy financial structure (optimal capital structure), and reduce interest costs.
Merrill Lynch International and Raiffeisen Bank International are serving as dealer managers, while Kroll Issuer Services is the tender agent.
Globalworth is an office investor focused on Poland and Romania. As of December 31, 2023, their portfolio value was €3.0 bn. In Poland, they have a presence in Warsaw, Wroclaw, Lodz, Krakow, Gdansk, and Katowice. In Romania, they hold assets in Bucharest and seven other cities.
