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Globalworth Real Estate : GWI

131216-GWI

Globalworth (a recently launched Romanian property company) is buying two office buildings in Bucharest comprising c82 thousand square metres of office space and associated car parking. The buildings were completed in 2008 and 2009. The acquisition price is €152m. This deal was flagged in GWI’s prospectus and is part of a larger deal  that the company says will take place by the end of January 2014. The buildings were acquired at a discount of 16.4% to last valuation and are expected to generate a yield between 9% and 10%. The vendor is connected to the manager’s CEO, Ioannis Papalekas and will be paid a mixture of cash from existing resources and new debt and new shares in GWI.

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