“The land plots occupy an excellent location on top of the Pipera metro station at the corner of Dimitrie Pompeiu Boulevard and George Constantinescu Street. The Dimitrie Pompeiu corridor has in recent years become the largest business hub in Romania mainly hosting back office operations of multinationals and financial institutions,“ the company said in a statement.
The land plots are located next to the company’s BOB/BOC/Upground complex.
According to a recent Globalworth report, Papalekas plans to build a 50,000 sqm office building on a 12,000 sqm land plot on Dumitru Pompeiu boulevard, through an investment of EUR30 million, financed by funds recently raised from London Stock Exchange.
The land plot in the northern Bucharest is among the investments that Globalworth plans to carry out with the funds raised from London Stock Exchange. The list includes ten investment targets, buildings, land plots and projects under development, including a UniCredit headquarters, for which the company will pay a total EUR129.5 million. Moreover, the projects require investments of over EUR100 million. Some of the projects were already acquired, while others are under advanced negotiations, according to Globalworth report.
On Dimitrie Pompeiu Boulevard, Papalekas plans to develop an office building and retail spaces with a lettable area of 50,000 sqm.
Globalworth announced in April it raised EUR144 million on the London Stock Exchange, and the funds will be used to develop further investment projects, including the buying of UniCredit HQ office building in Bucharest.
Papalekas, who has bought Tower Center, Cathedral Plaza and City Mall in the past few years, is also developing an office building in Floreasca Barbu Vacarescu zone.
Globalworth Real Estate Investments Ltd targets to take advantage of investment opportunities in Romania and the broader SEE and CEE regions.