Romanian construction company Bog’Art recently landed the contract to become general contractor for the future Bucharest One office tower in Bucharest. The tower is being developed by Globalworth Real Estate Investments, a company founded by Greek investor Ioannis Papalekas.

Registered in Guernsey and listed on the AIM market of the London Stock Exchange, the company is in fact a closed-ended collective investment scheme which takes advantage of investment opportunities in Romania and the broader SEE and CEE regions.

The acquisition of the Bucharest One site in northern Bucharest was completed in December 2013. The project should be finalized in the third quarter of 2015. The 48,000 sqm, 23-floored building will be raised on a plot which used to host the Porsche Aviatiei showroom in the Pipera area of Bucharest, for which demolition started in 2013.

The developer is expected to invest some EUR 60 million in this project. On completion, the office tower will be the second tallest building in Romania and will also feature a retail component at ground level, including a supermarket, car showroom, pharmacy, bank branch and coffee shop.

Papalekas’ Globalworth Real Estate Investments raised some EUR 54 million when listing on the London Stock Exchange. The Bucharest One plot is owned by a Romanian firm called Corinthian Five SRL.

In Romania, Papalekas is currently among the most active real estate investors, having acquired the former City Mall shopping center – a formerly distressed asset which is on its way to become a hospital – and the office towers Cathedral Plaza and Tower Center, both projects blocked because of litigation.

Bog’Art, a privately owned Romanian construction company, was established in 1991, and has worked on several iconic real estate projects in Bucharest, including Baneasa Shopping City, City Gate, Charles de Gaulle Plaza, and Tower Center, among others. The company is owned by Romanian entrepreneur Raul Doicescu.

editor@romania-insider.com