Vodafone and Huwaei pre-lease 40% of future Bucharest One office tower

Telecom company Vodafone rented out 16,000 sqm in the future Bucharest One office compound on Barbu Vacarescu boulevard in Bucharest, which will be built by investment fund Globalworth, the fund announced. Huwaei leased a further 2,500 sqm in the same building. Vodafone's lease covers 10 years, while Huwaei's, five, according to the fund. Vodafone and Huwaei thus rented out almost 40 percent of the office tower. Vodafone will relocate activity from Charles de Gaulle Plaza. The telecom operator also runs back office activities in two office buildings in Pipera and on Avrig street, near Obor market. Bucharest One will be finalized in December 2015, and will have 23 floors, on 46,000 sqm. The tower is being developed by Globalworth Real Estate Investments, a company founded by Greek investor Ioannis Papalekas. Registered in Guernsey and listed on the AIM market of the London Stock Exchange, the company is in fact a closed-ended collective investment scheme which takes advantage of investment opportunities in Romania and the broader SEE and CEE regions. The developer is expected to invest some EUR 60 million in this project. On completion, the office tower will be the second tallest building in Romania and will also feature a retail component at ground level, including a supermarket, car showroom, pharmacy, bank branch and coffee shop. Papalekas’ Globalworth Real Estate Investments raised some EUR 54 million when listing on the London Stock Exchange. editor@romania-insider.com