AFI Europe sells land plot in Arad for EUR 17 mln

Israeli developer AFI Europe Romania has sold an 8-hectare land plot in Arad, Western Romania, for EUR 17 million, local Profit.ro reported. The company bought the plot in 2008 and planned to develop a retail center. It got the building permits for the new mall in 2012 and planned to start construction this year, but another mall has appeared in the area in the meantime and AFI abandoned this project. AFI Europe owns the AFI Cotroceni mall in Bucharest and another shopping center in Ploiesti and two office projects in Bucharest. It also started developing a mixed retail-office project in Brasov. AFI Europe Romania sees 12% increase in net operational income editor@romania-insider.com