AFI Europe Romania has signed a financing agreement for €22 million with Bank Leumi Romania for the development of phase 1 of AFI Tech Park, the newest business park the company is currently developing in Bucharest.

AFI Europe Romania has signed the first lease agreement for AFI Tech Park, the company’s newest business park developed in Bucharest. World Class Romania, a leader on the Romanian health & fitness field, will be the first tenant of the campus, by leasing 1,500 sqm GLA spread on the ground floor and the first floor of AFI Tech Park 1. The lease contract was signed for a period of 10 years.

AFI Europe Romania published its financial results. The Net Operating Income (NOI) from its income producing assets in Romania was over €37 million in the first nine months of the year, representing respectively 10.4% higher results compared to the same period in 2016. The value of the existing income producing assets AFI Cotroceni, AFI Ploiesti and the 5 office buildings of AFI Park increased by 7.5% to €735 million according to the valuation performed as of September 30, 2017.

Real estate developer AFI Europe Romania announced the start of the leasing campaign for the AFI Park Brasov Class A office project. The company is already in advanced discussions with two potential tenants to occupy 4,000 sqm GLA in the first office tower developed in AFI Park Brasov.

AFI Europe set the cornerstone of AFI Brasov, the company’s third shopping mall in Romania and announced the advancement of construction works. AFI Brasov will include 200 shops and retail units with 80% of total space already leased. The first stage of construction includes a shopping center with a total gross leasable area of 45,000 sqm and one of the two Class A office towers that stretch over an area of 25,000 sqm GLA. The investment at this stage is of over €120 million. The company estimates that the delivery date of the project is Q1 2019.

AFI Europe Romania published its Q2 and H1 2017 financial results, generating a Net Operating Income (NOI) from its income producing assets in Romania of €12.5 million in Q2 and close to €25 million in H1, representing respectively 10.4% and 11.5% higher results compared to the same periods in 2016.

AFI Brasov has recently obtained the construction permit and will be the third shopping center AFI Romania is developing in Romania. The shopping center will offer a total gross leasable area of 45,000 sqm, 80% of which is already leased, that will be combined with two additional Class A office towers totalling 25,000 sqm GLA. The overall investment for the mall and first office building is estimated to be over €120 million. The entire project is developed to be LEED Gold certified as a green building.   

AFI Europe and Dedeman have agreed to cancel the sales transaction of the AFI Park 1-3 office buildings in Bucharest, Romania.

The AFI Ploiesti shopping center, owned by AFI Europe Romania, received the LEED Gold Certification. AFI Ploiesti thus becomes the only building in town to achieve the LEED Certification.

AFI Tech Park, the newest office project developed by AFI Romania, achieved a LEED Platinum pre-certification. AFI Tech Park is a business campus that will offer 56,000 sqm GLA of Class A office space, comprising of two office buildings of GF+8 and one office tower (GF+14).