Real estate developer AFI Europe Romania on Monday said it received the permit needed to build a hypermarket and a do-it-yourself store within the retail park it plans to develop in Arad, western Romania.
Retail park AFI Arad will include, beside a hypermarket, a do-it-yourself store and additional retail units that will be located downtown and will stretch onto 3.5 hectares, out of a total area of eight hectares.
The park has a lettable area of 32,000 square meters and over 1,000 parking spaces. Construction works at AFI Arad are due to start in upcoming months, the developer said in a press statement Monday.
AFI Europe, member of Israel-based AFI Group, has been active in realty development and investment in Central and Eastern Europe since 1997. AFI Europe currently develops and administers real estate projects in Romania, the Czech Republic, Serbia, Poland, Bulgaria, Germany and Latvia.
AFI Europe has been operating in Romania since 2005 and it is the developer and administrator of shopping mall AFI Cotroceni. AFI Europe is developing an office project near the mall with a total