Businessman Ioannis Papalekas is preparing the construction of an office tower near Promenada mall in Bucharest. The constructions on the plot where Porsche Aviaţiei showroom functioned until this year were demolished, Globalworth having in plan for next year the development of a tower on 23 floors.
Arrangements were made in this respect, as in September this year the planning certificate was obtained for organizing the work site on 201 Calea Floreasca St. The next step is the construction permit.
"We are on schedule, but we didn’t sign yet any lease; we are in discussions with several potential tenants", has declared for ECONOMICA.NET, Ema Iftimie, commercial director of Globalworth.
The office spaces, on a total area of 60,000 sq. m, are already available for rent. The asked rent is EUR 16/sq. m /month with VAT in addition.
„It is expected that the construction permit to be obtained by January 2014. The negotiations and the financing agreement were set with an important financial institution in Europe. Regarding rentals, the negotiations with multinational companies for approx. 60% of the area are in advanced stage", the first unaudited financial report of the company from this autumn showed.
The prospect for the listing on London Stock Exchange of the company Globalworth, founded in the beginning of this year by Ioannis Paplekas, shows that the development of the building, named Bucharest One, will require an investment of approx. EUR 60 million. The office tower is scheduled for completion in 2015.
The evaluation report made by The Advisers/Knight Frank shows that the investment value in this project is EUR 43 million, excluding VAT and the value of the building will reach EUR 130 million on completion. The evaluation report of Coldwell Banker considers the investment value of EUR 46.4 million, the value at completion being estimated at EUR 141.3 million.
Moreover, Papalekas is also leasing the 25,000 sq. m in former City Mall, reconverted to City Offices. The asked rent is EUR 12/ sqm/ month with VAT in addition.