AFI Europe has signed a financing agreement totaling 39 million Euros with Bank Leumi Romania, for the construction finalization of AFI Park 4&5 office buildings, the 4th phase of AFI Park office project in Bucharest.
AFI Park 4&5 which totals 32,000 sqm (GLA) of “Class A” LEED Gold office space spreads over 12 floors of offices served by 2 underground parking levels with 300 parking spaces. The ground floor will provide retail spaces, which will offer tenants services and amenities in addition to the vast choice provided by AFI Cotroceni. With a floor plate of 3,000 sqm, AFI Park 4&5 provides the perfect solution to the needs the multinational IT&C and BPO companies. AFI Park 4&5 features the highest level of modern technical specifications while allowing 24/7 nonstop continuous operations for its tenants.
“We are very happy to sign this significant agreement for the financing of the construction of AFI Park 4&5 with Bank Leumi Romania, which demonstrates the good relations and continuous cooperation between the bank and AFI. Achieving this financing for the last phase of AFI Park shows once again the high level trust of the banking community in AFI Europe as a development company and in AFI Park as one of the highly appreciated office projects in Bucharest”, said David Hay, CEO AFI Europe Romania.
The loan will be financing the development finalization of AFI Park 4&5 in the Center- West of Bucharest, whose construction started in April 2014 and which are planned to be finalized and handed over to the tenants in January 2016.
AFI Park consists of 5 Class A office buildings, with a total gross leasable area of over 70,000 sqm, and together with AFI Cotroceni (81,000 GLA) situated in its vicinity it features the largest complex of retail and business in Romania and one of the largest in the CEE region. All three office buildings of AFI Park which were delivered are fully leased. AFI Park 1 has its spaces occupied by companies such as Microchip, Cameron and Sparkware Technologies, while AFI Park 2 is fully leased to Electronic Arts. AFI Park 3, which was finalized at the end of last year, is entirely occupied by TELUS International and Endava Romania.
AFI Europe Romania is focusing on developing green buildings. AFI Park 1 and AFI Park 2 are the first office buildings in Romania to obtain the LEED Gold Core & Shell Certification. The additional office buildings in AFI Park are also in process of being certified as LEED Gold.
About AFI Europe Romania:
AFI Europe operates in Romania since 2005. The company has developed and is managing “AFI Cotroceni”, the biggest and most dominant shopping mall in Romania and among the biggest shopping malls in the CEE region. The project spreads over a leasable area of more than 81,000 sqm 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 52,000 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 is currently developing AFI Park, Bucharest’s newest and most advanced Class A business Park, which has achieved 100% occupancy rate of its office spaces. AFI Park offers more than 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% leased. In April 2014 AFI Europe inaugurated “AFI Park 2” with 12,200 sqm of GLA and is 100% leased, while “AFI Park 3“, delivered in December 2014, is leased to Endava Romania and TELUS International Europe. In April 2014 AFI Europe Romania has also commenced construction of AFI Park 4&5 office building that will offer additional 32,000 sqm of gross leasable area to the project and is planned to be delivered in January 2016.
In July 2015 AFI Europe has signed an agreement to purchase a 40,000sqm plot in the City Centre of Brasov for the development of a 45,000 GLA shopping mall and 11,000 GLA office project.
In addition, AFI Europe Romania has two mix use projects to be developed in the near future on the company’s 80,000 sqm land plot in Arad and 148,000 sqm land plot in Bucurestii Noi district 1 of Bucharest.
In the office segment, AFI will develop AFI Business Park Bucharest, 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 in Bucharest’s district 5. 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 & gardens.