It has resulted in Growthpoint - South Africa's leading Real Estate Investment Trust and a highly-respected international real estate investor - taking a circa 27% holding position in Globalworth.
Globalworth issued shares at a premium to Growthpoint and Oak Hill Advisors (Europe) LLP to raise a total of €200 million. The transaction was completed on 20 December 2016.
Globalworth was incorporated in Guernsey in February 2013 as a closed-ended real estate investment company and admitted to AIM in July 2013. At the end of last year, Globalworth had a market cap of more than £522 million.
It looks to take advantage of investment opportunities in the South Eastern Europe and Central and Eastern Europe markets, with a primary focus on properties located in Romania.
Mourant Ozannes' Guernsey corporate team advised Growthpoint on its strategic investment. The team was led by Partner Helen Wyatt and included Senior Associate Alex Davies, who advised on the Guernsey aspects of the investment, alongside UK Counsel Simmons & Simmons and South African Counsel Glyn Marais.
Ms Wyatt said: "This was an interesting and unique transaction due to the size of the investment, the number of jurisdictions involved and the complexities of dealing with the Takeover Panel regarding the ultimate interest taken in Globalworth. We are proud to have been part of Growthpoint's leading team of experts, able to get the transaction across the line." The Growthpoint transaction follows closely on the heels of the successful £130 million placement on which Mourant Ozannes advised long-standing client London Stock Exchange (LSE) listed LondonMetric Property plc in late 2016. There are 124 Guernsey-incorporated entities listed on the LSE - 91 of which are on the Main Market, with 33 on AIM. Guernsey is the clear market leader in terms of the number of non-UK 'Equity Investment Instruments' – the majority of investment funds – listed on the LSE with 74.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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