Papalekas, who owns on the Romanian market assets such as the former commercial centre City Mall and the office towers Cathedral Plaza and Tower Center, has founded in February this year the company Globalworth Real Estate Investments, which he intends to list in the AIM market.
The company, entirely owned by the Greek businessman, was registered in Guernsey Island. Apart from Papalekas, the executive management also involves Dimitris Raptis, known for his real estate projects in Romania, among which the French Village.
The non-executive management of Globalworth Real Estate Investments is represented by Eli Alroy, the former head of the Israeli real estate developer Global Trade Center (GTC) and the businessmen Geoffrey Richard Miller, David Morris Kanter and John Richard Whittle.
"The company policy is to follow a real estate investments strategy in order to generate attractive revenues through yields and capital assessment as a result of the investment in a diverse portfolio mainly in Romania, but also in other countries from Central and South-East Europe ", the company representatives said.
The investments will aim existing or pipeline projects, as well as underperforming or undervalued projects, which could be transformed in performing and marketable assets. The company intends to use for its investments also funds attracted from banks.
The company representatives did not state the amount of the funds intended to be attracted through the AIM listing, estimated for 12th of July. (source: economica.net)