Globalworth announces acquisition of Skanska’s Green Court

The investment fund established and controlled by Greek businessman Ioannis Papelkas has announced the acquisition of the first office building in the Green Court office park, project developed by Skanska Romania, the transaction being valued at 44 million euro. Closing of the acquisition is scheduled for the second quarter of 2015, states a Globalworth release.

"We are pleased to announce the acquisition of the first building of Skanska's Green Court development project. This prestigious newly built A-class office property is strategically located in Bucharest's new central business district, very close to our existing Bucharest One development. It benefits from top environmental credentials and is let to top-brand tenants on long term leases. This transaction constitutes an important milestone towards achieving our objective of owning the highest quality portfolio in the Bucharest office market", commented Dimitris Raptis, Deputy CEO and CIO of Globalworth Real Estate Investments.

Nestor Nestor Diculescu Kingston Petersen (NNDKP) acted as Globalworth's legal advisor on this transaction, while Skanska was assisted by a team of lawyers of PeliFilip, reads Ziarul Financiar.

Inaugurated at the end of October 2014, Green Court Bucharest is an A-class office property development with a leasable area of 19,500 sqm which required investment of about 46 million euro. It is the first one of the three 12-storey buildings projected and it has an occupancy rate of 91 percent, Orange Romania, along with Schneider Electric being the main tenants.

The development adds to the other eight real estate projects in Bucharest in Globalworth’s portfolio. Its property assets additionally include an industrial park in Timisoara. 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.