Bancpost has granted Globalworth Asset Managers two loans, one of EUR 15.8 million and another of EUR 1 million for City Offices, as well as a loan of EUR 8 million for the acquisition of an industrial park in Timisoara.

The investor has bought back the bankrupt City Mall for EUR 17.3 million. Papalekas owned the project in 2006 and sold it for EUR 03.5 million to the Australian fund APN European Retail.

The office spaces will sum up over 20,000 sq. m, the 1st, 2nd and 3rd floors respectively, in the ground floor a small commercial gallery will be included, where the retailer Mega Image has already opened a store last year. City Mall, situated in the vicinity of Bellu cemetery in Bucharest, went bankrupt due to EUR 76 million debts. The main creditors of the company were UniCredit Bank Austria AG, UniCredit Tiriac Bank and Bancpost, as well as the former owners of the commercial centre.

Moreover, Globalworth has received EUR 3.4 million loans from Piraeus Bank for the residential project in Floreasca One. The company was founded in the beginning of last year and is listed since July on the AIM market of London Stock Exchange, where it has already attracted EUR 53 million.

The fund took over the assets controlled by Papalekas.

Globalworth Real Estate Investments registered last year revenues from rents of EUR 8.1 million from the properties owned in Romania, evaluated at EUR 121.3 million. The specific assets the fund obtained the revenues from are not mentioned in the report.

The annual report presented by the company shows that the assets in construction are evaluated at EUR 55.9 million. The completed properties are evaluated at EUR 7.7 million and City Offices is evaluated at 55.9 million. The company also has properties on sale, evaluated at 1.87 million.


The fund registered a net profit of EUR 12.7 million last year. Its operational profit was EUR 5.3 million, to which add financial gains resulted from the reevaluation of the assets and the takeover of the subsidiary projects. (source: