Romanian real estate developer AFI Europe borrows EUR 30 mln to finalize Ploiesti shopping center

Real estate developer AFI Europe, which owns the AFI Palace Cotroceni shopping center in Bucharest, recently received a EUR 30 million loan from Raiffeisen Bank International Vienna and from Raiffeisen Romania. The developer will use the funds to finalize the AFI Palace shopping center in Ploiesti, close to Bucharest. The Ploiesti shopping center, with some 28,000 sqm of leasable area, should be finalized sometime towards the end of 2013. The mall is already 70 percent pre-leased, with names such as Cora, Flanco, H&M, New Look, Reserved, KFC and McDonald's among the tenants. In Romania, AFI is planning two more projects; a shopping center in Bucurestii Noi and another in Arad. Several residential projects are listed for Romania: AFI Green City, AFI Gardens, AFI Golden City, AFI Towers, and AFI Village. On the office segment, the developer is underway with AFI Park, an office compound near its shopping center AFI Palace Cotroceni. editor@romania-insider.com (photo source: the developer)