The new office building project will be developed on the site of the former Porsche Aviatiei showroom in Bucharest, which was relocated to Porsche Nord showroom. Following the relocation, German Porsche group decided to sell the 10,000-sqm land plot to Papalekas in a deal estimated at nearly EUR8 million..
Globalworth Real Estate Investments, owned by Papalekas, said the new office building Bucharest One will have a built area of 48,732 square meters and over 24 stories. It also said construction works are due to start in the first months of 2014 and to be completed in the third quarter of 2015.
Globalworth Real Estate Investments, which plans to invest some EUR60 million in the project, announced in September that it had reached an agreement with a European bank on the financing terms of the new project, but it did not give any further details.
Globalworth Real Estate Investments owns seven real estate projects in Bucharest, among which two office buildings, namely, Tower Center in Bucharest’s Piata Victorie Square and City Offices (former City Mall), residential compound UpGround which comprises two apartment buildings, a logistic project in Timisoara and three plots of land in northern Bucharest where it plans to construct office buildings. Globalworth’s total assets amount to nearly half a billion euros.
End-July 2013, Globalworth Real Estate Investments managed to raise EUR53.6 million by listing its ordinary shares on the AIM Market of the London Stock Exchange and the funds were to be invested mainly on the Romanian market.
Papalekas set up Globalworth Real Estate Investments in February this year targeting to list it on the AIM Market and continue real estate investments.