Real estate developer Globalworth, founded and managed by Greek investor Ioannis Papalekas, reached a portfolio of over EUR 931 million last year, after acquiring four office buildings in Bucharest in 2015.

The acquisition led to a 55% increase in the portfolio’s value. Globalworth bought the first two buildings of the three-building project Green Court, developed by Swedish group Skanska, as well as Nusco Tower and UniCredit Tower. The price for all of them amounted to EUR 173 million.

The company saw an operating net income of EUR 28.4 million, up from EUR 12.9 million in 2014.

Attracting new funds from the company’s shareholders led to the reduction of the stake owned by Ioannis Papalekas in the firm. The stake owned by the investor decreased to 36.1% last year from 41.1% at the end of 2014.

editor@romania-insider.com