Globalworth Bought 30,000 Square Meters of Land in Bucharest

Globalworth, the investments company created last year by the businessman Ioannis Papalekas, has paid 14.3 million euro for several land plots with an overall surface of about 30,000 square meters, located in the north of Bucharest, on which he plans to develop offices and commercial centers. The land plots are located near Pipera subway station, at the corner of Dimitrie Pompeiu Avenue and George Constantinescu Street, shows a press release from the company. The land plots are near the residential ensemble Upground and Read more

Focus on Distressed Offices from Bucharest

Globalworth, the investments vehicle created last year by the businessman Ioannis Papalekas, will continue to buy real estate projects in the next 12-18 months, targeting especially distressed office projects from Bucharest, declared Dimitrios Raptis, deputy CEO of the company. “We are focused on commercial properties, especially distressed office projects, to which we want to improve the performances. We have many projects in acquisition process and usually we are interested in anything that makes sense, and our target is to create products for investors. We make the acquisition decision very fast and we plan in the next 12-18 months to buy projects. We are focused on cash-flow, so we are preparing the projects we buy, through asset management, for the moment when the strong investors will return to Romania, so we can have what to offer them”, he declared in a press conference. Dimitrios Raptis added that the acquisitions will target also logistic and industrial projects, but the office segment remains the business of choice for Globalworth. “In order to be successful, we must Read more

Globalworth Has Money for Real Estate Investments

The Greek businessman Ioannis Papalekas has raised 144 million euro from London Stock Exchange and plans to use them for investments, including the acquisition of the office building UniCredit HQ from Bucharest. Some 79 million euro from the funds raised come from an issuing of new shares. Moreover, we completed the transfer of the credit facility worth 65 million euro, accessed from UBS to the investment funds York Capital and Oak Hill. This facility will be converted into shares by December 18th 2014, which means that we will add 65 million euro to the share capital of Globalworth, shows and announcement of the investments fund Globalworth, created last year by Papalekas and listed on London Stock Exchange. The 144 million euro will be used for the development of the projects owned by the company (some 23 million euro), for the acquisition and the development of new projects (some 56 million euro) and to pay the credit facility of 65 million euro.

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