EBRD pays EUR 50 mln for stake in Globalworth

The European Bank for Reconstruction and Development (EBRD) paid EUR 50 million for a 4.4% stake in real estate developer Globalworth, whose portfolio in Romania reached EUR 1.08 billion at the end of September. In total, Globalworth has attracted EUR 340 million through a new share offer. The funds will be channeled to investment projects in Romania and Poland. Following the investment, the EBRD has become the fifth largest shareholder in Globalworth, after the South African group Growthpoint Properties, Ioannis Papalekas, the Greek investor who founded and manages Globalworth, and the investment firms York Capital and Oak Hill Advisors. Globalworth is preparing to take over three office buildings in Romania, with a total rentable area of about 100,000 sqm. The acquisition costs are estimated at EUR 250 million. Globalworth is one of the largest investors and developers of office space in Romania. This summer, Globalworth issued corporate bonds with a total value of EUR 550 million on the Bucharest Stock Exchange (BVB), the largest issuance of this type in the history of the Romanian capital market. The bonds were also listed on the Irish market. EBRD buys 4.4% stake in Globalworth editor@romania-insider.com