AFI Europe Romania has signed an agreement for the acquisition of a 40,000 sqm plot in the City Center of Brasov, where it plans to develop a shopping mall and an office project, targeted to be opened in October 2017.
Brasov is the main touristic destination in Romania, attracting approx. 1.5 million tourists a year, and the City has a large number of inhabitants with above average spending power. This, together with perfect location in the city center, convinced us to enter the Brasov retail market and develop this mix use project. The plot of land is situated in the center of the city and the business district in Brasov (Centru Civic), on the previous Hidromecanica platform, thus registering a great traffic. Visibility is exceptional, as the site is part of the main square of Brasov, being located on the main boulevard leading from the Old City to all parts of the city and the exit towards Bucharest. This unique location, together with an AFI designed shopping mall, in the heart of Brasov, will make this a successful project for our company, for the retailers that will join us in the project and mainly for the residence of Brasov”, said David Hay, CEO AFI Europe Romania.
AFI Europe plans to develop in Brasov a shopping mall with a gross leasable area (GLA) of 45,000 sqm spread over three levels, accessible from three main entrances, connected by one main corridor. The 3rd floor will host the food court and the entertainment area, which will also include the cinema. Visitors will benefit from a large leisure balcony viewing the Carpathian Mountains, which will host different events and activities for families and tourists. AFI Europe Romania is already in advanced discussions with a hypermarket chain and the leading fashion retailers to anchor the project. The project will be constructed to be LEED Gold Certified.
On the same plot, the company will also develop a class A office project with a leasable area of approximately 11,000 sqm and it will be designed as a green building.
This is the third shopping mall to be developed by AFI Europe in Romania, after AFI Cotroceni, an 81,000 sqm project situated in Bucharest, and AFI Ploiesti, which has a gross leasable area of 33,000 sqm.
On the office segment, the company develops AFI Park, which consists of 5 Class A office buildings, with a total gross leasable area of over 70,000 sqm. The first three office buildings which were delivered registered a great success, being 100% leased mainly to IT&C and BPO companies. AFI Park 4&5 are currently under construction and will be delivered at the beginning of 2016.
About AFI Europe
AFI Europe is 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 and is focusing on the development of large-scale commercial, residential and mixed use projects.
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.
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 has 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 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.