Globalworth Real Estate Investments, a real estate investment firm focusing on the Romanian market, has acquired a plot of 57,000 sqm that was previously owned by Coca-Cola HBC Romania and will develop the new headquarters for the French car producer Renault in Bucharest.
Globalworth, a company indirectly controlled by Greek investor Ioannis Papalekas, will develop the project via the firm Elgan Offices, a company it owns together with Elgan Group, controlled by Israeli investor Simon Roth. Roth won the contract last year, after competing with Romanian investor Liviu Tudor, whose office project West Gate currently hosts most of Renault’s operations in Bucharest.
The new headquarters, called Renault Bucharest Connected, will host more than 3,000 of the group’s employees in Romania. The Renault group will occupy the entire 47,000 sqm offices for at least 11 years, this being the largest leasing transaction ever recorded in the Bucharest office market. The project should be completed in the first quarter of 2019.
The new Renault Group headquarters will be in the Western Bucharest, near the Preciziei metro station. This marks Globalworth’s first investment in this part of Bucharest. It is also the second lease project concluded between Globalworth and Groupe Renault Romania, after the acquisition of Dacia’s spare parts warehouse, near the Mioveni plant.
Globalworth is one of the biggest real estate investors in Romania, with a portfolio of EUR 983 million at the end of March 2017.
Renault, one of the biggest car makers in the world, has 16,700 employees in Romania. It owns the Dacia car factory, the country’s biggest industrial facility.