Globalworth closes acquisitions of Unicredit Building and Nusco Towers

Real estate investment company Globalworth has closed the previously announced acquisitions of the UniCredit Building and Nusco Tower in Bucharest, transactions totaling almost 90 million euro.

Additionally, the company has concluded a 55 million euro debt facility with Oak Hill Advisors and York,part of this amount being used to fund the two acquisitions announced in December 2014.

Acquired for 43 million euro, the UniCredit Tower is a 54-storey class-A office building with a gross leasable area of circa 15,000 sqm generating annual returns of some 3.8 million euro.  The office development was completed in 2012 and is entirely leased to Unicredit Tiriac Bank.

 The Nusco Tower has been bought for 46 million euro. The buildingcomprises approximately 23,000 sqm of modern office space dispersed over 20 floors. With an occupancy rate of about 91 percent amongst its major tenants are Volksbank, Oracle or Bayer.

The equity portion of these two acquisitions has been funded with proceeds from the 55 million euro short-term holding company level secured debt facility, whereas the debt has been provided by UniCredit, according to an announcement of Globalworth.

Apart from funding the equity portion of the consideration for the Unicredit Building and Nusco Tower acquisitions, the debt facility can also be used for general corporate purposes, including funding its ongoing development projects.

In addition to these real estate assets, in the last year Globalworth has transferred into its portfolio other properties, such as Green Court Bucharest A or an industrial park in Timisoara strengthening its position on the domestic market, primarily Bucharest, where holds ten real estate projects with an open market value of over 700 million euro.