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 EUR 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 EUR 43.3 million. The building is fully leased by UniCredit and generates annual revenues of some EUR 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 EUR 58 million. The company recently announced two new acquisitions: Skanska’s Green Court Building A, for EUR 44 million, and Nusco Tower, for EUR 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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