July 02, 2015

Globalworth gets €45 million financing for projects in Romania

Globalworth gets €45 million financing for projects in Romania

Real estate investment fund Globalworth, controlled by Greek investor Ioannis Papalekas, has received a short-term financing of €45 million from American groups Oak Hill and York Capital, who are also two of its biggest minority shareholders.

The company took another short-time loan of €55 million from the same groups three months ago.

Globalworth could use this money to finance the development of the Bucharest One office tower, in northern Bucharest, or to pay for ongoing acquisitions. The fund agreed to buy the first building completed by Swedish group Skanska in the Green Court project in Bucharest, last fall, for €44 million. The deal should be finalized in July 2015.

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