AFI gets construction permit for new shopping center in Romanian mountain resort

AFI has obtained the construction permit for the new shopping center in Brasov mountain resort, which will be the third shopping center AFI Europe is developing in Romania, after AFI Cotroceni (90,000 sqm GLA) in Bucharest and AFI Ploiesti (34,000 sqm GLA). AFI Europe is one of the largest real estate investors in the local market. AFI Europe Romania has already assigned 80% of the spaces in the new mall, the company announced in a press release. The shopping center in Brasov will offer a total gross leasable area of 45,000 sqm that will be combined with additional two Class A office towers totaling 25,000 sqm GLA. The total investment in the mall and the first office building is estimated at over EUR 120 million, and the opening date is estimated to be either end-2018 or the first quarter of 2019, depending on the pace of works. „The project will add about 2,000 new jobs to the city’s economy in addition to the new Class A office buildings that will be attractive to host multinational IT&C companies,” said David Hay, CEO AFI Europe Romania. The new mall will have three levels and more than 1,700 parking places. French retailer Carrefour will anchor the AFI Brasov commercial center, covering 6,500 sqm. AFI Brasov’s leisure area will include a cinema with the 10 VIP rooms, a 600-sqm casino, bowling, attractions for kids, and restaurants and coffee shops. AFI Europe has been operating in Romania since 2005. It developed and runs AFI Cotroceni, the largest mall in Romania and one the largest in the CEE region. The Cotroceni shopping center has more than 300 stores of local and international brands, visited by an average of 50,000 clients daily, the developer says. In October 2013, it opened AFI Ploiesti with an EUR 50 million investment. The Ploiesti mall has 100 stores and an entertainment area of 7,000 sqm. AFI Europe Romania has also developed AFI Park, a Class A business park located next to the AFI Palace Cotroceni mall. Local DIY retailer Dedeman was looking to buy the buildings 1,2, and 3 in the AFI Park, but the deal was canceled earlier this month. Last year, AFI Europe started the construction works at the office project AFI Tech Park, located near the Marriott Hotel in Bucharest. The project will provide 50,000 sqm worth of work space, and will be completed in the next 2-3 years. The developer also plans to start a new mixed project in Northern Bucharest and another mall in Arad. Irina Marica, irina.marica@romania-insider.com