Globalworth has recently announced the London Stock that has made an agreement with the owners of Tower Center International (TCI) office building for the extension with six months of the period of completion for the project’s acquisition.

One of the owners of the office building near Piata Victoriei is Ioannis Papalekas himself, with 50% shares through his company Stanuta Enterprises Limited, the rest of the shares being held by his partner, the businessman Dragoş Bîlteanu , the president of the board SIF Muntenia, through Pokandro Limited.

Basically, Papalekas plans to buy Bîlteanu’s part of the building which remained unoccupied for more than three years and which received this year its first tenants.

According to the agreement, Pokandro Limited will receive immediately EUR 6 million advance payment from the total price to get. If the agreement terms will not be accomplished by 31st of March 2014, Bîlteanu’s company is due to return the advance together with an interest, the announcement also shows.

Two months ago, in their prospect for AIM market listing, Globalworth specified that the two companies had signed an agreement for the full takeover of TCI by Papalekas company. Moreover, the reference was also made to an arrear due to Alpha Bank (EUR 14.9 million at 8th of August 2013). The company was also in advanced negotiations with Raiffeisen Bank for a new long term credit of EUR 25 million, in order to refinance, among others, other short terms loans.

Second tallest building in Bucharest, with an effective built area of 24,711 sq m and 26 floors, Tower Center has among its clients the companies Hidroelectrica, Ernst & Young and Cegeka. The company’s announcement also shows that the fully rented building will generate an operational income of more than EUR 5 million. The rents range between EUR 16.5 and EUR 18 /sq m. (source: economica.net)