Globalworth buys mammoth Renault site in deal worth €42.5m
An Aim-quoted real estate firm is set to be the new landlord of one of carmaker Renault's largest distribution centres.
Globalworth Real Estate Investments has agreed to pay €42.5m (£35.7m) for a Romanian warehouse that Renault currently leases to subsidiary Dacia.
Read more: French is the sexiest accent in the world, according to Renault
The site covers approximately 68,000 square metres, the size of over five football pitches.
Dacia is Romania's largest company by revenue (Source: Getty)
Dacia is Romania's largest corporate entity and the site is 28km away from its main plant in Mioveni, Arges County. The facility is approximately 100km west of Bucharest and near to the Bucharest-Pitesti highway, one of Romania's principal warehouse and industrial corridors.
Read more: Now Renault recalls 15,000 cars
Globalworth was set up in 2013 as a closed-ended property company and is led by founded Ioannis Papalekas and deputy chief executive Dimitris Raptis. While the firm focuses on investments in central and eastern Europe its only current investments – 15 in total – are in Romania.
Closing of the transaction is subject to clearance from the Romanian Competition Council.