AFI Europe to invest €2 bln in the coming 14 years

Real estate company AFI Europe plans to invest €2 billion in the coming 14 years, especially in shopping centers, said Reuven Havar, Country Manager AFI Europe Romania.

“For the next 14 years, as part of our group’s expansion policy, we plan to invest over €2 billion in Romania, especially in commercial centers. In addition to projects we are already developing, we have acquired other pieces of land we intend to develop as commercial centers in Bucharest and Ploiesti," said Havar.

AFI Europe Romania announced Thursday that it will invest over €294 million in a project in Arad, including a 33,000 square meters mall, an office building of over 12,000 sqm, and a 1,000 apartment residential complex.

The new mall, to be opened in 2010, and known as AFI Palace Arad, will be built in the center of Arad and will have a supermarket, a multiplex movie theater, a recreational area, over 140 stores and some 1,450 parking spaces.

AFI Europe signed a contract with Hypo Real Estate Bank for the financing of its AFI Cotroceni Park project, estimated at €280-300 mln, and for which it received an eight-year loan worth €234 mln. The complex will be built on the site of the former UMEB electrical machine factory, and will include a mall, five office buildings on a total constructed surface of over 200,000 sqm, and a 120,000 sqm parking lot. (NewsIn)