Globalworth buys 30,000 sqm of land in Pipera

Newsroom 20/06/2014 | 14:20

Globalworth, real estate investment company founded by Greek businessman Ioannis Papalekas, bought several land plots totaling 30,000 square meters in northern Bucharest, for EUR 14.3 million, for commercial (office and retail) development.

The lots are located near Pipera subway station, where Dimitrie Pompeiu and George Constantinescu street meet, near the BOB and BOC office buildings owned also by Globalworth. The area has become the most important business hub in Romania with several multinational placing their headquarters there.

According to a recent report form the company, Papalekas intends to build an office complex of 50,000 square meters on a 12,000 sqm terrain near Dimitriu Pompeiu boulevard, through an investment of EUR 30 million financed through trading on the London Stock Exchange.

Ioannis Papalekas was involved in one of the biggest investment deals of last year, when Star Imob Construct, the company controlled by Greek real estate investor, acquired 14 plots of land from Lufin Construct, both with and without previously constructed buildings.