Globalworth controlled by Ioannis Papalekas reports real estate projects worth 600 million euro in Romania

The Globalworth company controlled by Ioannis Papalekas had at the end of last year a real estate portfolio in Romania estimated at almost 600 million euro, without the Unicredt, Nusco Tower andGreen Court buildings and wants to buy land and an office building worth 43 million Euro.

2015-02-18 15:09:24

Globalworth set up in 2013 by the Greek business man Ioannis Papalekas to reunite under one umbrella real estate projects owned in Romania, finalised last year seven tradings, which increased the portfolio of the company to 599.3 million euro, against 117,8 million euro, according to the report of the investor. The seven tradings aimed at projects where the businessman owned shares and which he took completely (office buildings BOB, BOC, Tower Center International and Upground Towers) as well as the land for Globalworth Campus (Pipera) and a logistics park in Timisoara.
At the same time, the company wants to finalisize this year the taking over of three office buildings (Unicredit, Nusco Tower and the first building of Green Court) which will increase the value of the portfolio to 752 million euro. Moreover,Globalworth has underway four real estate projects,so that after their finalisation, the company will have a portfolio of over one billion euro.
The debts of Globalworth were estimated at the end of last year at 206 million Euro, representing 34.4 per cent of the assets.
The company signed an agreement in December last year for potential acquisitions of almost 28,000 square metres of land, evaluated at 30,5 million euro and an office building with a rentable surface of 8,800 square metres, evaluated at 13.2 million euro, both in Bucharest. The company is in a trial of due-diligence for these projects.

The land belongs to the company Aserat and are placed on Luterana St. and Globalworth bought them with 7.3 million euro.

The company has under construction in Bucharest the building of offices Bucharest One and the first phase of the Globalworth Campus,the first with deadline in Q4 2015 and the second in the first part of 2016.They will have as a total 107,000 square metres which could be rented.
"The construction for Bucharest One reached level 5 and advances according to plan. For Globalworth Campus, the concept was finalised and at present the company is in its final phase to choose the general constructor for A and B buildings. The construction will start in Q1 of this year. Globalworth started a project of 11,000 square metres of offices on a land of 2,434 square metreson Gara Herastrau St.( Barbu Vacarescu/Dimitrie Pompeiu),the report says.
The value of the projects in construction is of 121,2 million euro, they will finalize 244,000 square metres of offices and industrial spaces and a value ( estimated in December 2014) of 442,9 million Euro.

As a whole, Globalworth owns 10 finalised projects, whose income of the rent is 37.4 million euro. The businessman has been one of the most active real estate investors in Romania where he has been present for 15 years.