Greek real estate tycoon gets EUR 45 mln financing for projects in Romania

Real estate investment fund Globalworth, controlled by Greek investor Ioannis Papalekas, has received a short-term financing of EUR 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 EUR 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 EUR 44 million. The deal should be finalized in July 2015.

Globalworth Real Estate Investment is an investment company listed on the London Stock Exchange which was founded by Greek businessman Ioannis Papalekas, who still holds a majority stake in the firm. Globalworth has a market capitalization of EUR 329 million, as of June 30, 2015.

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