Developer AFI Europe Romania delivers its third office building in tech compound

Real estate developer AFI Europe Romania recently finished its third office building in Bucharest, AFI Park 3, which is part of one of the largest office compounds in Bucharest, which is dedicated mainly to companies in the IT and outsourcing sectors, the company announced. The building has a gross leasable area (GLA) of 12,200 sqm and the development cost was EUR 20 million. Part of the investment was financed with a EUR 15 million loan from BCR. The building is fully leased and was already delivered to its tenants, British IT services group Endava and Canadian telecom group Telus International. Both companies will open service centers here. The other two buildings of the compound, AFI Park 1 and AFI Park 2, which were opened in previous years, are also fully leased by companies in the IT sector, such as game developer Electronic Arts, Microchip Technology, Cameron and Sparkware Technologies. The two buildings are currently valued at some EUR 56 million. AFI Europe Romania is currently developing the final building of the compound, AFI Park 4&5, which is a larger office building, with a total GLA of 32,000 sqm. The building will have 12 floors and will be opened in the fourth quarter of 2014. The developer targets IT&C and BPO companies for this building as well. When finished, the AFI Park office compound will have a total of 70,000 sqm of office space. Its location, close to Bucharest’s Polytechnic University, makes it attractive for companies looking for programmers, IT and telecom specialists. The compound is located next to AFI Palace Cotroceni, one of the largest shopping malls in Bucharest, which is also owned by AFI Europe. Andrei Chirileasa, andrei@romania-insider.com