Office-focused RO developer Globalworth tests residential market

Real estate developer and investor Globalworth, the largest owner of office buildings in Romania, with assets of EUR 1.2 billion, is going to enter the residential market. The company is working on a residential project including about 50 apartments, according to Economica.net.

The project is located on Soseaua Nordului, near Herastrau Park, in northern Bucharest. Globalworth's investment will also include a cultural project.

The documents consulted by Economica.net show that Globalworth wants to erect two 4-storey blocks with the fifth floor, of about 1,900 sqm built, which will include about 50 apartments, on a plot of over 3,000 sqm. The two blocks will be added to the cultural center that Globalworth plans to develop within the project.

Globalworth has a portfolio of 15 projects already completed, the overwhelming majority of them being office building projects, with a rentable area of about 630,000 sqm. They generate rents of EUR 81.1 mln annually.

Globalworth is also involved in the operation and development of industrial parks in Bucharest, Constanta, Timisoara and Pitesti.

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