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.
Income-producing properties are becoming an increasingly appreciated option for Romanian or foreign private investors who have previously been mainly active in the residential sector and who are now targeting...