LONDON (Alliance News) - Globalworth Real Estate Investments Ltd Tuesday said it has struck a deal to buy the company that owns Timisoara Airport Park in Romania in a deal worth up to EUR35 million.
The park is a light industrial complex northeast of Timisoara, the second-largest city in Romania by population, and is close to the Traian Vuia International Airport.
The complex is partially developed, with automotive group Valeo and German car parts and tyre manufacturer Continental having let or pre-let space at the site.
Globalworth said the total value of the investment is approximately EUR35 million, with EUR18 million upfront and the rest to be spent on development costs for the project.
Globalworth shares were untraded at 5.75 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Globalworth (GWI)