AFI Europe chooses Arad for its first retail park in Romania
Representatives of AFI Europe and Arad City Hall laid the foundation stone of the first modern retail park in Arad, western Romania. Built in the center of the city, the retail project is set to open to the public in the second half of 2023.
AFI Arad is the first retail park developed by AFI Europe in Romania. The company previously developed three large-scale shopping centers in Bucharest, Brasov, and Ploiesti.
The future retail park will occupy a built area of 30,600 square meters on a piece of land with a total perimeter of 79,900 square meters. The project's gross leasable area (GLA) is 29,400 square meters on a single level, served by 950 parking spaces above ground level. Currently, the project's occupancy rate is 70%.
As part of the project, McDonald's opened its first drive-thru restaurant in Arad. Other future tenants of the AFI Arad retail park that will arrive for the first time in the city are Carrefour (with a leasable area of 5,800 sqm), DIY store Leroy Merlin (9,000 sqm), Media Galaxy (3,000 sqm) and Decathlon (2,000 sqm). The mix of tenants also includes international brands such as Sinsay and Cropp.
AFI Europe is part of AFI Properties, a leading real estate development, management, and investment company operating in Central and Eastern Europe. In Romania, the company operated AFI Cotroceni, one of the largest and most dominant malls in the CEE region, AFI Ploiesti, and AFI Brasov. In the office sector, AFI Europe Romania has a portfolio of 7 Class A business parks.
In 2020, the company delivered its first residential project to the local market - the first phase of AFI City Bucurestii Noi, containing 190 apartments. This year, it plans to inaugurate AFI Tech Park 2 and a commercial gallery, AFI City Bucurestii Noi.
In 2021 AFI Europe Romania acquired two land plots in Pipera, northern Bucharest, for developing a new business division, Residential to Rent, consisting of 3 residential towers and a total number of 450 apartments. Future development plans also include new offices, commercial and residential to rent expansions in Bucharest and at the regional level.
irina.marica@romania-insider.com
(Photo source: the company)
