July 12 (SeeNews) - London-listed Globalworth Real Estate Investment, a company targeting opportunities in Romania, said on Wednesday it will develop Groupe Renault Romania's new headquarters building on land acquired by Elgan Offices
Elgan Offices, a company equally owned by Globalworth and the Elgan Group, has bought a 57,000 sq m land plot previously owned by Coca-Cola HBC Romania.
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On development completion, which is expected in the first quarter of 2019, Groupe Renault will occupy the entire development for a minimum term of 11 years, which is the largest leasing transaction ever recorded in the Bucharest office market, Globalworth said in a press release.
Groupe Renault's new headquarters 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.
"Our new single location in Bucharest already has a name, chosen by our employees: Renault Bucharest Connected. For the first time since the Groupe Renault started developing its business in the capital, more than 3,000 employees, dozens of teams, hundreds of professions shall be located on the same site and will be able to work even better together," Groupe Renault Romania managing director Yves Caracatzanis said.
The easy access to the Titu technical centre and to the industrial site of Mioveni are among the goals of the new project, Caracatzanis added.
This 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.
In June, the European Bank for Reconstruction and Development said it has invested 50 million euro ($57 million) in a 650 million euro bond issued by Globalworth.
($= 0.8777 euro)