Globalworth is currently developing more than 100,000 sqm in Romania. “We have three construction sites in Bucharest. We just delivered the second building of the Campus project in the north of the capital and started the third,” said Dimitris Raptis, deputy CEO and CIO of Globalworth, at this year’s CEDER conference. The company also broke ground on a new 40,000 sqm building on land it purchased on Gara Herastrau in Bucharest. Construction on that project is expected to take 12 months. Raptis said he sees a lot of potential on the local market, and Globalworth will continue to invest in Romania. “The only danger comes from the labor force, which is limited, and this is reflected in the increase of construction cost, as a result of salary increases,” Raptis said.
About 90 percent of the investor’s portfolio is in Bucharest. The only exception is Timisoara Airport Park, an industrial and logistics project that could be expanded. “Of course, we also look at the regional office markets, mainly those in Timisoara and Cluj, which have an interesting dynamic and where there is growth, but we are still talking about cities with 300,000 inhabitants, and we are an ambitious investment group. The problem of these cities is the size,” Raptis added. On May 18, Globalworth, in partnership with BT Capital Partners, listed corporate bonds worth €550m on the Bucharest Stock Exchange. The funds will be invested in new projects.
