AFI Europe leases 1.800 sqm in AFI Park 4 and 5, reaches 60 per cent occupancy rate

February 29, 2016
Business Review

AFI Europe Romania has signed a new lease agreement in the office building AFI Park 4&5 with FotoNation, a Tessera company, reaching a 60 per cent occupancy rate.
With the new agreement, AFI Park consolidates its place as the main business hob in the Central West of Bucharest, targeted mostly by multinational IT&C companies, who find in the business park the superior technical requirements they require. In the following months, the new office building will reach a 100 per cent occupancy rate.

AFI Park 4&5 (32,000 sqm) represent the last phase of AFI Park, an award winning office project that consists of 5 Class A office buildings totaling 70,000 sqm of GLA, adjacent to AFI Cotroceni shopping mall of 82,000 GLA. Among the new tenants in AFI Park 4&5 are companies such as Cameron, SII Romania and ORTEC Central & Eastern Europe.

The tenants in AFI Park 4&5 benefit of an estimated 40 per cent reduction of energy consumption and water use compared to a regular office and include abilities as electricity and HVAC design developed according to a floor layout of one work station to 7 sqm and an option for LED lighting in the office space. The office spaces are planned and constructed according to specific tenant’s requirements.

Additionally, AFI Park 4&5 offers unique elements on the office market with several advanced back-up solutions including electricity high voltage supply from 2 different sources that assure AFI Park 4&5 tenants a 24/7/365 days continuous activity.

In total, AFI Park hosts prestigious multinational companies, such as: Electronic Arts, Conglomerate TELUS International, UK-held Endava Romania, Microchip Technology, Sparkware Technologies and Cameron Romania, part of US Cameron Group.
AFI Europe, a subsidiary of AFI Properties, is one of the leading real estate development, management and investment companies, which is operating in Central and Eastern Europe since 1997.

AFI Europe’s diversified portfolio consists of shopping malls and retail properties, business parks and large-scale residential and mixed-use developments. AFI Europe operates in Romania, Czech Republic, Poland, Germany, Bulgaria, Serbia, Hungary and Latvia.

AFI Europe operates in Romania since 2005. The company has developed and is managing “AFI Cotroceni”, the largest and most dominant shopping mall in Romania and among the leading shopping malls in the CEE region. The mall spreads over a leasable area of more 82,000 sqm (GLA) and offers to its visitors a large entertainment area with multiple leisure options and a variety of over 300 shops of local and international brands, visited by 50,000 customers per day.

In October 2013, AFI Europe inaugurated AFI Ploiesti, the first and only modern shopping mall developed in the city centre of Ploiesti, following an investment of over EUR 50 million. The shopping mall offers a total gross leasable area (GLA) of 33,000 square meters spreading over two retail floors occupied by 100 national and international brands, including more than 7,000 sqm of entertainment.

Adjacent but fully integrated into AFI Cotroceni shopping mall, AFI Europe Romania developed AFI Park, Bucharest’s newest and most advanced Class A business Park. AFI Park offers 70,000 of office leasable area, currently targeted by multinational IT&C corporations. The first office building “AFI Park 1”, with 12,250 sqm of leasable area, is 100 per cent leased. In April 2014 AFI Europe inaugurated “AFI Park 2” with 12,200 sqm of GLA and is 100 per cent leased, while “AFI Park 3”, with 12,200 sqm GLA delivered in December 2014, is leased to Endava Romania and TELUS International Europe. In Q1 2016 AFI Europe Romania has completed AFI Park 4&5 office building that offers additional 32,000 sqm of gross leasable area to the project. AFI Park 4&5 has reached a 60 per cent occupancy rate, before its completion, with the pre-lease of 18,000 sqm to Cameron, SII Romania, ORTEC Central & Eastern Europe, FotoNation and a new important entry to the IT&C Romanian market (name currently confidential).

In July 2015 AFI Europe has signed an agreement to purchase a 40,000 sqm plot in the City Centre of Brasov for the development of a 45,000 sqm GLA shopping mall and 11,000 sqm GLA office project.

In addition, AFI Europe Romania has two projects to be developed in the near future on the company’s 80,000 sqm land plot in Arad where a Retail park is to be developed and the mix use project to be developed on the 148,000 sqm land plot in Bucurestii Noi district 1 of Bucharest.

In the office segment, AFI will develop AFI Tech Park, a 50,000 sqm of GLA Class A Business Park to be located in close proximity to the J.W. Marriott hotel and the Romanian Parliament. The business park will comprise of 2 low rise office buildings and one office tower, with ample green areas, a high tech/campus style environment in an urban complex with a central plaza and gardens.