Globalworth buys BOB and BOC

The deal, which comprises both cash and shares, should be completed in January. BOB and BOC are both modern class ’A’ office buildings in north Bucharest. BOB was completed in 2008 and comprises 23,631 sqm gba over seven storeys and offers 161 parking spaces. BOC was completed in 2009 and comprises 58,581 sqm gba over eight storeys. The Upground complex was developed between 2006 and 2011 by Ioannis Papalekas, the founder and CEO of Globalworth, and comprises three office buildings (including BOB and BOC), two residential buildings (Upground Towers), as well as retail space and other amenities. Dimitris Raptis, the deputy CEO and chief investment officer of Globalworth Real Estate Investments, has commented that: “Following the acquisition of Globalworth Asset Managers, this transaction marks another significant milestone in the company's acquisition programme. BOB and BOC are prime examples of the types of assets that meet Globalworth's investment criteria, as they are high quality properties, strategically located within Bucharest, easily accessible and predominantly let to high quality tenants. The acquisition of the three remaining key assets in the initial portfolio, Bucharest One, Tower Center International and Upground Towers, is expected to take place by the end of January 2014.”