Globalworth Real Estate Investments, one of the largest real estate investors in Romania, has acquired the Nusco Tower office building in Bucharest, for EUR 46 million, and a plot of land near by, for EUR 4 million, the company announced on Monday, December 8.

The two properties were controlled by Italian group Nusco.

This is the second large transaction announced by Globalworth in less than two weeks, after the acquisition of Skanska’s Green Court Building A, for EUR 44 million.

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

At the same time, Globalworth has closed the acquisition of Nusco Land for EUR 4 million. This is a 2,434 sqm plot located on Gara Herastrau, 200 meters away from Nusco Tower and adjacent to Green Court Building A. It has all the necessary permits to develop a 12,000 sqm GLA office building.

"Following the recently announced acquisition of Green Court Building A, these transactions consolidate Globalworth's leading position in Bucharest's new central business district (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,” said Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth Real Estate Investments.

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

Globalworth Real Estate Investment is an investment company listed on the London Stock Exchange which was founded by Greek businessman Ioannis Papalekas, who still holds a majority stake in the firm.

Globalworth is currently developing its own office building in the area, Bucharest One, which is located just across the street from Nusco Tower, next to NEPI’s Promenada Mall. The real estate investment company also owns two more office buildings in Pipera, BOB and BOC and plans to build another office compound in the area, Globalworth Campus. Globalworth also owns the Tower Center International office building near Piata Victoriei.

The company’s portfolio was valued at EUR 521 million and its net assets were EUR 378 million, as of June 30, 2014. Globalworth has a market capitalization of EUR 292 million (as of December 8, 2014).

Andrei Chirileasa, andrei@romania-insider.com