Ioannis Papalekas' company performs better than expected
October 02 2015
Globalworth
Real Estate Investments, the company owned by Ioannis Papalekas
managed to sum up 53,8 million EUR from the London Stock Exchange.
This is well above their initial expectations of 35 million EUR, according to Profit.ro.
Reportedly these funds are to be used for investments and acquisitions in Romania. According to the same source, Papalekas bought the first building by the Swedish group Skanska and is now negotiating the acquisition of the remaining two buildings, one of which is set to be completed next summer, as it is still in construction. The company purportedly wants 30 land purchases and completed buildings as well as two office buildings with a rentable surface of 35,000 square km.
These acquisitions would take place in Romania and 120 million EUR would be allotted for this purpose.
All of these new land purchases would result in an annual rent of around three million EUR. At the same time, the office buildings alone will add 6,5 million EUR to the annual income of Globalworth. Apart from its 26 real estate assets, with 46,000 square meters of office space that are rented out to multinational companies, Globalworth is discussing the acquisition of 200 million EUR worth of office and logistics projects. The company's current real estate portfolio includes: Gara Herastrau, Nusco Tower, Bucharest 1, Timisoara Airport Park and others. It is one of the most important players in the local real estate investment market. Nine projects out of 14 have been finalized and are cumulatively estimated at over 639, 5 million EUR. The occupancy rate of the projects is around 80 percent.
This is well above their initial expectations of 35 million EUR, according to Profit.ro.
Reportedly these funds are to be used for investments and acquisitions in Romania. According to the same source, Papalekas bought the first building by the Swedish group Skanska and is now negotiating the acquisition of the remaining two buildings, one of which is set to be completed next summer, as it is still in construction. The company purportedly wants 30 land purchases and completed buildings as well as two office buildings with a rentable surface of 35,000 square km.
These acquisitions would take place in Romania and 120 million EUR would be allotted for this purpose.
All of these new land purchases would result in an annual rent of around three million EUR. At the same time, the office buildings alone will add 6,5 million EUR to the annual income of Globalworth. Apart from its 26 real estate assets, with 46,000 square meters of office space that are rented out to multinational companies, Globalworth is discussing the acquisition of 200 million EUR worth of office and logistics projects. The company's current real estate portfolio includes: Gara Herastrau, Nusco Tower, Bucharest 1, Timisoara Airport Park and others. It is one of the most important players in the local real estate investment market. Nine projects out of 14 have been finalized and are cumulatively estimated at over 639, 5 million EUR. The occupancy rate of the projects is around 80 percent.
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