Its portfolio reached EUR2.1 billion, of which EUR1.2 billion are assets in Romania.
“Globalworth has continued to demonstrate strong momentum in 2018, led by its strategic expansion into Poland. In line with our ambition, we continue to establish Globalworth as the leading institutional office landlord in the CEE through our activities in Romania and Poland and we seek to be the partner of choice for the wide variety of high-quality tenants which are either present or seeking a presence in the region ,” said Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer at Globalworth.
In the first half of the year, the company invested EUR276 million in the acquisition of three office buildings in the key Polish cities of Krakow, Warsaw and Wroclaw, and three land plots for future office developments in Bucharest.
Globalworth completed Tower 2 of its Globalworth Campus project in the second quarter of 2018 and has started the construction of the 34,800 sqm third and final tower, which is due for completion in the fourth quarter of 2019. Development at the company’s 42,300 sqm Renault Bucharest Connected joint venture is progressing well and is set for completion in the first quarter of 2019.
In addition, plans are being progressed for a further 130,000 sqm of new office projects in Bucharest and up to 175,000 sqm of light-industrial and logistics projects in Timisoara, Globalworth said in a statement Wednesday.
During the first half, the real estate developer negotiated the take-up or extension of 60,500 sqm of commercial space in Romania and Poland, resulting in 879,300 sqm of commercial space being let or pre-let at the end of June to some 510 tenants, of which over 77% are multinational corporations, with a weighted average lease length of 5.4 years. Occupancy of the commercial standing portfolio was 94.6% at the end of June.