27th Dec 2013 08:16
LONDON (Alliance News) - Globalworth Real Estate Investments Ltd Friday said it has bought an office development project to be constructed in the northern part of Bucharest.
The project, known as Bucharest One, will be the second-tallest building in the city once completed, comprising 48,732 square metres over twenty four floors.
The purchase price wasn't stated, but Globalworth said that as part of the deal, it will issue nearly 4 million shares to Bakaso Holdings Ltd at EUR5 each.
The investor in property in Romania and the wider central European region, said the project has already obtained the necessary permits to start construction, and building is scheduled to start in the first months of 2014, and to be completed within the third quarter of 2015.
The company's shares were down 3.2% at 5.20 pence early Friday, as the share issue price was at a discount to the share price.
By Steve McGrath; [email protected]; @stevemcgrath1
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