August 21 (SeeNews) - London-listed Globalworth Real Estate Investment said that it has contracted a 46 million euro ($52.5 million) loan from Romanian bank BCR to develop Groupe Renault Romania's new headquarters building.
The structure of the Renault Bucharest Connected building has already been completed, the facades are 90% executed, Globalworth, a company targeting opportunities in Romania, said in a press release on Monday.
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The project will have an area of 47,000 square meters of Class A office space and will also include a showroom for Groupe Renault Romania vehicles, 1,000 parking spaces, an amphitheater with a capacity of 350 seats and other facilities such as a restaurant and a medical service room.
"Renault Bucharest Connected is one of the most important projects we are currently developing, marking our first investment in the western area of Bucharest and, in particular, the continuation of a long-term partnership with Groupe Renault Romania," Globalworth director of investment and capital markets, Mihai Zaharia, said.
Globalworth announced in July last year that it is going to develop Groupe Renault Romania's new headquarters building on land acquired by Elgan Offices.
On completion, which is expected in the first quarter of 2019, Groupe Renault will occupy the entire development for a minimum term of 11 years.
Groupe Renault's new headquarters building will be located in western Bucharest, very close to the old one, which is now in West Gate Business Park. This is Globalworth's first investment in the office submarket in Bucharest.
The building is the second tenancy that Globalworth has signed with Groupe Renault Romania following the recently completed acquisition of Dacia's main distribution facility near its Mioveni factory. As a result of this transaction, Groupe Renault Romania will become Globalworth's largest tenant.
Globalworth is the largest office-property owner and developer in Romania, investing in a diversified portfolio of properties located primarily in Romania, but also in the broader Southeast European region and in central and eastern Europe. Its shares are listed on the Alternative Investment Market (AIM), the London Stock Exchange’s international market for growing companies.
($= 0.8764 euro)