AFI Europe signed a pre-agreement to sell AFI Park 1-3 office buildings to Dedeman, a Romanian DIY retail company. The agreement also includes an option to sell AFI Park 4&5. The total price for AFI 1-5 is approximately €164 million.
“Once this transaction is completed, it will be AFI Europe’s first sale transaction in Romania. An important milestone from our point of view as an international developer having already invested more than €500 million in Romania and currently developing 3 new important projects: AFI Brasov mixed use project which includes 45,000 sqm shopping mall and 25,000 sqm of Class A offices, AFI Tech Park - a 56,000 sqm office park - and AFI City residential project in Bucurestii Noi” stated David Hay CEO AFI Europe Romania.
AFI Park’s five office buildings offer 70,000 sqm of GLA occupied by multinational corporations. AFI Park line-up of tenants includes: Microchip Technology, Electronic Arts, Endava Romania, Cameron US, SII Romania, ORTEC Central & Eastern Europe, FotoNation, Telus International, Veeam Software, SecureWorks and more. All AFI Park buildings are green buildings having LEED Gold Certification.
Dedeman is the leader of the Romanian DIY market and is one of the largest companies in Romania operating 45 stores with estimated sales this year of €1.5 billion.
AFI was advised by Colliers International, law firm NNDKP and lawyer Bianca Stamatoiu, while Dedeman was advised by Popovici, Nitu, Stoica & Asociatii.
Robert Miklo of Colliers International stated: „AFI’s first exit in Romania can become the largest pure office deal in the history of the local investment market, and one of the largest in the Central and Eastern European region. This is a very consequential transaction for our market and will have a positive influence on the perception of Romania both in the international arena as well as in the eyes of the local investment community.”