Globalworth Real Estate Investments, owned by Ioannis Papalekas, posted a €70m profit in the first quarter of this year. The company bought a number of properties previously owned by Papalekas, including office projects Tower Center International, BOC and BOC and the residential project Upground Estates. Globalworth also acquired a 30,000 sqm plot from the pharmaceutical distributor FARMEXIM in June with plans to develop commercial and office space on the land. The transaction was valued at €30m. Papalekas said he intends to invest €144m in the project. Globalworth owns assets worth €490m, of which €374m are completed projects.
