45-year-old Greek businessman Ioannis Papalekas has reportedly given a downpayment worth 500,000 euros to buy Nammos on Psarou and the restaurant of Seaside Cottage by Belevedere for 10.5 million euros.

Mr. Papalekas is the owner and founder of real estate investment fund Globalworth with interests in Romania. The company was listed on the London Stock Exchange last year and posted a profit before tax of EUR 70 million for the first quarter of the fiscal year (January 1 to March 31, 2014). The profits came mainly from buying number of properties, previously owned by Mr. Papalekas himself, at a discount to their official evaluations. The properties that the fund bought were Tower Center, BOB and BOC office buildings and Upground Estates residential project.

The fund’s revenues from rents and property management fees were EUR 3.5 million in the reporting period. The total market value of the fund’s assets was EUR 490 million at the end of March, of which EUR 374 million are finalized projects. The debt related to these assets was of EUR 240 million and the fund’s net assets were of EUR 229 million.

Sources in Romania state that he is considered “unscrupulous” in his line of work and capable of sniffing out opportunities that bring profits. In Romania he is considered a leader on the real estate market.

Photos and videos from his visit to Nammos on July 31: