Property developer AFI Europe has taken over two plots of land in northern Bucharest, in a deal worth €12 million, for the development of its first build-to-rent residential project.
The acquired land with a surface of 10,200 sqm was sold by the investment division of Impetum Group. AFI Europe said that the land has full permits for the development of around 450 apartments.
“This transaction is in line with our strategy of diversifying our portfolio in Romania, by expanding the residential component,” said Doron Klein, CEO of AFI Europe in Romania and Czechia. The executive added that Build to Rent is a concept that is becoming more attractive for tenants that want more flexibility and attractive facilities.
AFI Europe is already working on a residential complex in northern Bucharest. The company has delivered 190 apartments last year and is working on a new phase of the residential component and a retail gallery.
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