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The largest leasing transaction ever recorded in the Bucharest office market: development of Groupe Renault Romania's new headquarters in Bucharest

Globalworth Real Estate Investments Ltd. , the leader in Romania’s office real estate market, announces the acquisition by Elgan Offices Srl of a 57,000 sqm land plot previously owned by Coca-Cola HBC Romania and the development of Groupe Renault Romania’s new headquarters in Bucharest.

Elgan Offices Srl is a company equally owned by Globalworth and the Elgan Group (represented by  Simon Roth).

On development completion (expected in Q1 2019), Groupe Renault will occupy the entire development spanning over 47,000 sqm for a minimum term of 11 years. This is the largest leasing transaction ever recorded in the Bucharest office market.

The project is consistent with the Company’s strategic focus on investing in premium buildings anchored by reputable tenants on long term cash flows and meeting the highest standards of quality, energy efficiency and environmental protection.

Groupe Renault’s new headquarters will be located in western Bucharest, next to Preciziei Metro Station. This is Globalworth’s first investment in this fast growing and dynamic office submarket in Bucharest.

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 Movieni factory. As a result of this transaction, Groupe Renault Romania will become Globalworth’s largest tenant.

Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth commented: “This is a landmark transaction for Globalworth. We are proud and honoured to forge such a strong and longstanding partnership with Groupe Renault Romania. The fact that the largest corporate in Romania is becoming the biggest tenant of Romania’s leading office investor is testament to our unrivalled expertise in building solid relationships with some of the largest corporates in the world by delivering landmark, high-quality work spaces that guarantee performance, competitiveness and a comfortable, productive work environment”.

Yves Caracatzanis, Groupe Renault Romania Managing Director, added: “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. For us, Renault Bucharest Connected is not only a real estate project, but a management project dedicated to our colleagues, for better team work, improved working conditions and efficiency. The creation of collaborative, friendly work spaces, the proximity to the public transit facilities, as well as easy access to the Technical Center Titu and to the industrial site of Mioveni are other goals of the new project”.

Globalworth is a real estate investment company active in the SEE and CEE regions with a prime focus on Romania. The company is internally managed by c.70 professionals and its portfolio comprises high quality real estate investments valued at Euro 983.3 million at 31 March 2017, all located in Romania.

Car manufacturer since 1898, the Groupe Renault is present in 127 countries and in 2016 it sold approximately 3.2 million cars. In order to meet the great technology challenges of the future and to continue its profitable growth, the group draws on its international development. In Romania, the Group has all the automotive competencies: market studies, design, engineering, manufacturing and supply chain, sales, business services and financing. At the core of the Global Access range (the range to which the Dacia models manufactured in Mioveni belong), the Group is leader on the local market with the Dacia and Renault brands. With a high level of expertise in styling and engineering, with a high standard manufacturing hub, the 16,700 employees of the Groupe Renault Romania innovate with respect to products and best practices and are recognized for their professionalism.

Photo: Globalworth current portfolio – selection

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