December 17, 2014

Globalworth to add new office building in Bucharest to its portfolio

Globalworth to add new office building in Bucharest to its portfolio

Globalworth Real Estate Investments, a real estate investment company controlled by Greek businessman Ioannis Papalekas, has received the approval from Romania’s Competition Council to buy UniCredit Tiriac Bank’s headquarters in Bucharest.

Globalworth will buy the building from construction company Bog’Art, which is controlled by Romanian businessman Raul Doicescu. The transaction should be finalised by the end of this year, according to data presented by the Competition Council.

Globalworth announced this acquisition in March 2014, when it raised some €200 million from investors on the London Stock Exchange, via a share placement.

The company estimated that the acquisition cost for this office building would be €43.3 million. The building is fully leased by UniCredit and generates annual revenues of some €4 million. The office building is located on Expozitiei Boulevard, near Romexpo and Pullman hotel.

Globalworth also bought the Tower Center International office building near Piata Victoriei, in February 2014, for €58 million. The company recently announced two new acquisitions: Skanska’s Green Court Building A, for €44 million, and Nusco Tower, for €46 million. Both buildings are located in the Barbu Vacarescu – Pipera area, Bucharest’s office hotspot, where Globalworth already owns other properties and has more on the pipeline.

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