Swedish group Skanska sells its second office building in Bucharest to Globalworth

Swedish real estate development and construction group Skanska will sell its second office building in Bucharest to real estate investment company Globalworth for EUR 47 million. Last year, Skanska also sold Globalworth the first building of the Green Court office complex in Bucharest for around EUR 44 million. Globalworth Real Estate Investment, founded and controlled by Greek investor Ioannis Papalekas, is one of the biggest office space owners in Bucharest while Skanska aims to become one of the top office developers in Romania. The Green Court Bucharest office complex includes three buildings with a total of 54,000 sqm. Skanska started the project in February 2013 and has already finished, leased and sold the first two building. “The Green Court Bucharest office complex has proved to be a considerable success. The market in Bucharest is very promising for investors looking for prime office products, which compare favorably to more mature western and northern European markets, offering attractive yields and a steady, long-term rental income,” said Adrian Karczewicz, Transaction Director at Skanska Commercial Development Europe. “The acquisition of the two Green Court Bucharest buildings, Building A last year and Building B this year, by Globalworth Real Estate Investments, illustrates the increasing investor interest in Romania. It is evident that global players see great potential in this market and that is why Skanska has further plans to launch one or two projects a year in Bucharest. We believe that this city is a place with an increasing demand for high-class office buildings,” he added. Skanska recently bought a 2-hectare land plot near the Polytechnic University in Bucharest, which is Bucharest’s emerging office area. The developer will start this project in 2016. Globalworth has been the most active investor in the office segment in recent years. The company, which is listed on the London Stock Exchange, has bought several important buildings while also working on developing its own buildings. “We are pleased to have been able to continue our partnership with Skanska in Romania with the acquisition of Building B of the Green Court Bucharest project. This transaction represents an important milestone for Globalworth which will own two of the three buildings in the city’s newest class-A office park, further consolidating our leading position in Bucharest’s new central business district,” says Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer at Globalworth Real Estate Investments. The Green Court project is located close to the Barbu Vacarescu - Pipera junction, in the vicinity of the Aurel Vlaicu subway station. Globalworth also owns the Nusco Tower and the Bucharest One office tower in the same area. The total leasable area of the newly-sold Building B is around 18,600 sqm. It is already more than 80% leased, with major tenants such as Sanofi Romania, Adecco Romania, Carrefour Romania, Colgate-Palmolive Romania, and RINF Outsourcing Solutions. In the transaction, Skanska was advised by CBRE, acting as the company’s exclusive agent. PeliFilip was Skanska's legal adviser while Nestor Nestor Diculescu Kingston Petersen (NNDKP) was the buyer's legal advisor.