The developer Globalworth, the largest owner of office buildings in Romania, has announced that it is selling part of its logistics portfolio in Romania to CTP, the largest developer in this segment. The value of the transaction could exceed 170 million euros, according to economica.net.
Globalworth has announced that it is selling five logistics parks, with ten facilities in Timișoara, Arad, Oradea and Pitesti that it owns 100%. The majority holdings in two other small projects in Bucharest are also sold. It is thus the first exit that Globalworth makes in Romania since its establishment in 2013. Globalworth’s holdings in the logistics projects built in partnership with Global Vision and CATTED in Chitila, Constanța and Târgu Mureș are also not sold.
Globalworth would receive 70 million euros, excluding working capital and after adjusting the associated secured bank loans of 98.2 million euros. The final value of the transaction is to be determined based on the balance of the secured loan and the balance of working capital at the closing date and is to be paid in cash by the end of May 2024. The proceeds of the sale will be used by the company for general corporate purposes, it it also shows in the company’s announcement.
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