Investment fund Globalworth Real Estate, created by Greek businessman Ioannis Papalekas and listed on the London Stock Exchange in 2013, recently closed a deal for the acquisition of the Timisoara Airport Park industrial park in Western Romania.
The developer of the park was Invest4SEE, a company controlled by Gabriel Bitea and Oliver Schenk. Globalworth paid EUR 18 million for the acquisition of the park which has 72,835 sqm of light industrial space let or pre-let to automotive producers Valeo and Continental. Valeo currently occupies 27,474 sqm in the property which was completed in 2011, while Continental has pre-let a 45,361 sqm space which is expected to be delivered in March 2015.
Both tenants have the option to expand capacities with a total of 40,503 sqm. “The total size of the investment is estimated to be of some EUR 35 million, of which around EUR 18 million is the upfront acquisition cost with the remaining to be spent on the development of the various phases of the project. Closing is expected to take place in the next few weeks,” according to Globalworth’s most recent financial report.