Globalworth investment fund seals a new acquisition on the domestic market, the Romanian competition authority approving the 43 million euro transaction for taking over UniCredit HQ office building.
According to the related Competition Council decision, the property controlled by Raul Doicescu, the main shareholder of Bog'Art, the developer of the office project, will be transferred to Globalworth through its subsidiaries, Serana and Kusanda, the estimated date for completing the deal being December 31, 2014.
Located in northern Bucharest, UniCredit Tower is a 14-storey office building with a gross leasable area of 14,000 sqm generating annual returns of 3.9 million euro. The office development was included on a list of targeted opportunities announced in early 2014, prior to launch a capital raise to support the investment pipeline. At that stage, the investment fund controlled by Ioannis Papalekas obtained 144 million euro, most of the capital being allocated to new acquisitions.
In the last two weeks, Globalworth concluded two other major transactions on the Bucharest office market with the acquisitions of the first building of Skanska's Green Court development project for 44 million euro and Nusco Tower, office building for which it will pay 46 million euro.
UniCredit HQ adds to other nine real estate projects in Bucharest Globalworth holds. Its property assets additionally include an industrial park in Timisoara acquired in August 2014. According to the company’s information, its real estate asset portfolio as of September 204 has an open market value of about 542 million euro.