AFI Europe to invest EUR 294 million in Arad project
22 February 2008
Real estate company, AFI Europe Romania, announced that it will invest over EUR 294 million in a project in Arad, including a 33,000 square meters mall, an office building of over 12,000sqm, and a 1,000 apartment residential complex. The new mall, to be opened in 2010, and known as AFI Palace Arad, will be built in the centre of Arad and will have a supermarket, a multiplex movie theatre, a recreational area, over 140 stores and some 1,450 parking spaces.
AFI Europe signed a contract with Hypo Real Estate Bank for the financing of its AFI Cotroceni Park project, estimated at EUR 280-300 million, and for which it received an eight-year loan worth EUR 234 million.
The complex will be built on the site of the former UMEB electrical machine factory, and will include a mall, five office buildings on a total constructed surface of over 200,000sqm, and a 120,000sqm parking lot.
AFI Europe plans to invest €2 billion in the coming 14 years, especially in shopping centres, said Reuven Havar, Country Manager AFI Europe Romania.
“For the next 14 years, as part of our group’s expansion policy, we plan to invest over €2 billion in Romania, especially in commercial centres. In addition to projects we are already developing, we have acquired other pieces of land we intend to develop as commercial centers in Bucharest and Ploiesti," said Havar.