AFI Europe takes EUR 39 mln loan for AFI Park 4&5 office buildings in Bucharest

Israeli real estate developer AFI Europe has signed a financing agreement worth EUR 39 million with Bank Leumi Romania, for the completion of its AFI Park 4&5 office buildings in Bucharest. The buildings represent the fourth phase of the AFI Park office project in Romania’s capital. AFI Park 4&5 has a total leasable area (GLA) of 32,000sqm spread over 12 floors of offices served by two underground parking levels and a ground floor for commercial spaces. AFI Europe started the construction of AFI Park 4&5 in April 2014. It should be completed in January 2016, according to a statement of AFI Europe. AFI Park consists of five Class A office buildings with a total GLA of 70,000sqm. The three office buildings which were delivered, are fully leased. Some of AFI Park 1’s tenants are Microchip, Cameron and Sparkware Technologies, while AFI Park 2 is entirely leased to Electronic Arts. AFI Park 3, which was completed last year, is fully occupied by Telus International and Endava Romania. AFI Europe has been operating in Romania since 2005. The company developed and operates AFI Palace Cotroceni shopping mall in Bucharest, AFI Palace Ploiesti and AFI Park office complex. In July this year, AFI Europe Romania has signed the purchase agreement for a 40,000 sqm plot in the city center of Brasov, in central Romania. The company plans to develop a new shopping center and an office project on this plot. AFI Europe invests EUR 15 mln to expand shopping center in Bucharest. Romanians spend more in AFI Palace malls, owner posts higher revenues. Irina Popescu, irina.popescu@romania-insider.com