Acquisition of Nusco Tower

RNS Number : 0344Z

Globalworth Real Estate Inv Ltd

08 December 2014

 



Globalworth Real Estate Investments Limited

("Globalworth" or "the Company") (AIM: GWI)

Acquisition of Nusco Tower and nearby land plot ("Nusco Land")

Guernsey, 8 December, 2014: Globalworth Real Estate Investments Ltd. (AIM: GWI) ("Globalworth" or "the Company"), the real estate investment company targeting opportunities in Romania, is pleased to announce the acquisition of Nusco Tower for Euro 46 million. Closing of the acquisition is scheduled for Q2 2015.  At the same time, Globalworth has closed the acquisition of Nusco Land for Euro 4 million.

Nusco Tower is a modern office building strategically located in Bucharest's new central business district ("CBD") on Gara Herastrau, the same street where the recently acquired Green Court Building A is situated. Nusco Tower has circa 23,000 square meters ("sqm") gross leasable area ("GLA") on 20 floors above ground.  It is circa 91% leased to well-known multinational tenants like Oracle, Bayer and Volksbank. 

Nusco Land is a 2,434 sqm plot located on Gara Herastrau, circa 200 meters away from Nusco Tower and adjacent to Green Court Building A.  It has all the necessary permits to develop a circa 12,000 sqm GLA office building.  

Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth Real Estate Investments commented:

"Following the recently announced acquisition of Green Court Building A, these transactions consolidate Globalworth's leading position in Bucharest's new CBD.  Nusco Tower is a well-known, high quality office building with a blue-chip tenant roster, whereas Nusco Land is one of the very few remaining available land plots in the heart of the new CDB which continues to witness strong tenant demand mainly from multinational companies."

Nestor Nestor Diculescu Kingston Petersen (NNDKP) acted as Globalworth's legal advisor on these transactions.

For further information visit www.globalworth.com  or contact:  

Panmure Gordon (Nominated Adviser and Joint Broker)              Tel: [phone]

Andrew Potts

Duncan Monteith

Cantor Fitzgerald Europe (Joint Broker)                                                Tel: [phone]

Rick Thompson

David Foreman

Milbourne (Public Relations)                                                                    Tel: [phone]

Tim Draper

About Globalworth:

Globalworth Real Estate Investments Limited is a real estate investment company founded by real estate investor and developer Ioannis Papalekas currently focused on taking advantage of investment opportunities in Romania. The Company is Guernsey incorporated and has been declared by the Guernsey Financial Services Commission to be a registered closed-ended collective investment scheme. The Company's shares were admitted to trading on AIM in July 2013.

The Romanian market offers an attractive real estate investment proposition in the medium-to-long term. Globalworth believes that global investor capital flows will gradually move from markets considered as "safe havens" to more peripheral markets such as Romania in search of higher yielding investments. As a result, Romania should, in due course, become a more attractive destination for a wide investor audience. Globalworth anticipates holding an early mover advantage and benefitting from this gradual shift in investor sentiment.

 

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