AFI Europe to expand its biggest project in Bucharest with new office, residential buildings

Israeli developer AFI Europe plans to develop a new mixed project on a 4.3-hectare land plot adjacent to the AFI Cotroceni mall - the biggest in Bucharest - and the AFI Park office project.

AFI Europe bought the plot last year for EUR 23 million from U.S. investment fund Broadhurst Investments, which had also sold it the land for the AFI Cotroceni and AFI Park projects. The land belonged to the former UMEB factory.

According to the expansion plans, AFI Europe will add one more office building as well as residential buildings including about 300-350 apartments, local Economica.net reported. The logic of adding residential spaces is renting the apartments to employees working in the office park, with the effect of avoiding more traffic problems in the area.

The total office space in the enlarged project will reach 200,000 sqm. AFI Park currently comprises five office buildings with a total leasable area of 70,000 sqm, mainly rented to multinational IT&C companies.

Separately, AFI Europe said that it would start work at the second building of the AFI Tech Park office project near the Parliament's Palace and the JW Marriott Hotel. The company will invest EUR 37 million in AFI Tech Park 2, which will bring 25,000 sqm of new office space on the market. The first building in this project, which has 22,000 sqm, was completed at the end of 2018 and is 80% leased, according to company representatives.

(Photo source: the company)