The founder and chief executive of London-listed property investor Globalworth Real Estate Investments has left the business.
Ioannis Papalekas founded Globalworth, which invests mainly in Poland and Romania, in 2012, floating the company on London’s AIM market the following year. The company’s portfolio was valued at €3bn (£2.7bn) at the end of June.
In a stock exchange filing, Globalworth said it had reached an agreement with Papalekas that he would leave the role on 15 December.
No reason was given for his departure. Papalekas sold an indirectly held stake in the company back in February, citing at the time “personal reasons” and saying he would remain chief executive “in the near-to-medium term”. The following month he announced he would step down from the board and become co-chief executive alongside chief investment officer Dimitris Raptis. Papalekas will be held to a non-compete agreement in Polish and Romanian real estate investment for the coming year.
Papalekas said: “Founding and leading Globalworth has been my life’s work and greatest professional achievement. It has been challenging but at the same time very fulfilling, professionally and personally. I’m really proud that after so many years of hard work together we have created a pioneering real estate player in the region, ready for the next stage of its development.”
Raptis, a former Deutsche Bank real estate executive who has worked at Globalworth since it was established, has now been named sole chief executive.
Chairman Geoff Miller thanked Papalekas for an “immense contribution and unwavering commitment” to the business. Raptis described his predecessor as “the visionary leader and driving force behind Globalworth’s transformation from a small Romania-focused office developer into the largest office investor and landlord in the wider CEE region”.
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