Bancpost granted two loan facilities to Globalworth Asset Managers, one worth EUR15.8 million and another of one million euros for City Office, as well as a loan of EUR8 million for the acquisition of an industrial park in Timisoara, a sum that hasn’t been spent yet, though.
The Greek investor repurchased for EUR17.3 million the City Mall shopping center in Bucharest, which went bankrupt in 2010. Papalekas owned the project in 2006 and sold it to Australia’s APN European Retail fund for EUR103.5 million.
Office spaces will total over 20,000 square meters, namely floors 1, 2 and 3, while the ground floor will have a small commercial gallery fitted.
Globalworth also accessed credit lines from Piraeus Bank, worth EUR3.4 million, for Floreasca One housing project.
The company was set up early last year and in July was listed on the AIM market of the London stock exchange, where it managed to raise EUR53 million.
The fund took over the assets controlled by Papalekas.
Globalworth last year posted rent income of EUR8.1 million from the properties it owns in Romania, estimated at EUR121.3 million. The fund owns several real estate projects in Bucharest, including Tower Center of Piata Victoriei, two blocks of 300 housing units each, as well as three land plots in northern Bucharest, where office buildings and housing units will be raised.
The annual report presented by the company shows assets under construction are valued at EUR57.7 million, while properties being revamped are worth EUR55.9 million. Completed properties, mainly UpGround apartment buildings, are valued at EUR7.7 million, and City Offices is put at EUR55.9 million. The company also holds properties up for sale, estimated to be worth EUR1.87 million.
(English version by Catalina Apostoiu)