AFI Europe Romania borrows EUR 22 mln to finance office project

The local subsidiary of the Israeli developer AFI Europe has signed a EUR 22 million financing agreement with Bank Leumi Romania to develop the first phase of the AFI Tech Park business park in Bucharest. AFI Tech Park, which will be developed in three stages, provides 56,000 sqm of leasable space for Class A offices. The project’s first phase will be delivered in the second quarter of next year. It will include 20,000 sqm for offices and 2,000 sqm for the retail area. The project will be developed close to the Bucharest center, near the JW Marriott hotel and the Romanian Parliament. It will include two eight-floor office buildings, as well as a 14-floor tower. The total investment for AFI Tech Park 1 is over EUR 30 million. The developer will soon start working on two new projects, namely a retail park in Arad, Western Romania, and a residential project in Bucurestii Noi, Northern Bucharest. The company currently operates the AFI Cotroceni, AFI Ploiesti and AFI Brasov malls, as well as the AFI Park office complex. editor@romania-insider.com