Contractor appointed for Bucharest One

RNS Number : 9396Y

Globalworth Real Estate Inv Ltd

31 January 2014

 

Globalworth Real Estate Investments Limited

Globalworth appoints contractor for the development of Bucharest One

Guernsey, 31 January 2014: Globalworth Real Estate Investments Ltd. (AIM: GWI) ("Globalworth" or "the Company"), the real estate investment company targeting opportunities in Romania and the broader SEE and CEE regions, is pleased to announce the appointment of BOG'ART as general contractor for the construction of the Bucharest One office tower.  BOG'ART is one of the largest and most reputable contractors and construction companies in Romania having been responsible for, among others, the construction of some of the city's most prominent office buildings such as Tower Center International, Charles de Gaulle Plaza, and City Gate. 

The acquisition of the Bucharest One site was completed in December 2013 and, as previously announced, it is expected that the development will be completed in the third quarter of 2015.

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

Panmure Gordon (Nominated Adviser)                             Tel: [phone]

Nicola Marrin

Freddy Crossley

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

Rick Thompson

David Porter

Milbourne (Public Relations)                                               Tel: [phone]

Tim Draper

About Globalworth:

Globalworth Real Estate Investments Ltd is a real estate investment company founded by real estate investor and developer Ioannis Papalekas to take advantage of investment opportunities in Romania and the broader SEE and CEE regions. The company is Guernsey incorporated and registered as a closed-ended collective investment scheme by the Guernsey FSC. 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 and the broader SEE and CEE regions in search of higher yielding investments. As a result, Romania and the broader SEE and CEE regions should, in due course, become more attractive destinations for a wide investor audience. Globalworth anticipates holding an early mover advantage in these markets and benefitting from this gradual shift in investor sentiment.

 

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