Globalworth enters bid to buy Africa Israel, owner of the biggest mall in Romania

Real estate developer Globalworth, founded and managed by Greek investor Ioannis Papalekas (pictured), entered the race to buy Israeli group Africa Israel, which controls the biggest mall in Romania - AFI Palace Cotroceni. Real estate developer AFI Europe, which is part of Africa Israel group, also owns a mall in Ploiesti and five office buildings in Bucharest and last year started working on another office project in Bucharest. Globalworth is in the race for Africa Israel, or some of its divisions, alongside Israeli concern Brosh Funds Management and real estate funds Patron Capital and Lone Star, according to Globes Israel. Israeli billionaire and diamond magnate Lev Leviev, the current controlling shareholder of Africa Israel, also submitted a bid in partnership with businessman Moti Ben-Moshe, Globes Israel reports. They can still submit a revised binding bid at the end of the second stage in the process, if interested. Israeli investor Lev Leviev owns a 48% stake in Africa Israel Investments, the mother company of AFI Europe, with properties estimated at over EUR 800 million in Romania last year. AFI Europe developed two malls in Romania, AFI Palace Cotroceni in Bucharest and AFI Ploiesti, and is currently working on a third, AFI Brasov. It also developed five office buildings in Bucharest, next to the Cotroceni mall, which it is currently looking to sell. Romanian investors Dragos and Adrian Paval, the owners of the DIY retailer Dedeman, are said to be interested in buying these five buildings. London - listed Globalworth owns a portfolio of almost EUR 1 billion in Romania. In 2014 and 2015, it acquired four office buildings in Bucharest, reaching a portfolio of over EUR 931 million. The four buildings bought were the first two buildings of the three-building project Green Court, developed by Swedish group Skanska, Nusco Tower, and UniCredit Tower. The developer has 15 properties in Romania, 14 of which are located in Bucharest and one in Timisoara. Growthpoint, the largest South African real estate company, acquired at the end of last year a 26.9% stake in Globalworth, BusinessDay reported. British fund Patron Capital also invests in Romania through real estate developer Tagor, which is getting