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AFI Europe Romania starts construction works for residential project, AFI City, with an occupancy rate of 25%

The first phase of the project will be completed in 16 months delivering two buildings totaling 190 residential units.

 Bucharest, June XX, 2018: AFI Europe Romania breaks ground this month for AFI City, the first large-scale residential project to be developed by the company in Romania.

TGC was assigned as the General Contractor for the first phase of the project.

The first phase of the construction commenced this June and it will deliver two buildings totaling 190 residential units, served by 228 above ground parking spaces. AFI City’s first construction phase is estimated to be completed in summer of 2019. Once all phases will be completed, the residential project will feature a closed private community surrounded by green areas and sport facilities. In addition, AFI City enjoys the important advantage of having the Metro station Laminorului located in front of the project

Situated in the North-West part of Bucharest, along the Bucurestii Noi Boulevard, in District 1, the project will include a mix of functional apartments, following an investment of approximately EUR 16 mln. Also, the project which is pre-certified by the Romanian Green Homes Association enjoys green buildings features and will benefit from various facilities thus aiming to become the most beneficial residential deal on Bucharest’s residential real-estate market. AFI City is located on Bucurestii Noi Boulevard in one of the greenest areas of Bucharest, with quick access to the main traffic arteries of the city such as Bucurestii Noi Boulevard, Boulevard Ion Mihalache, Boulevard Poligrafiei and National Road 1 (DN1), as well as to Bazilescu Park and the Straulesti and Grivita lakes.

The commencement of construction marks a milestone in the development of one of our key projects in Romania. When designing AFI City and especially after we observed the lack of quality designed and built projects in Bucharest, we took into consideration the high demand for sustainable and functional residential units. Sales expectations are high and believed to move quickly due to the project’s location and the project’s overall private community design. We are not just talking about the location – which is on high demand nowadays, but also about the benefits of living in a Green Home, in a private community and linked to all ways of public (Laminorului Metro) and private transportation. And most importantly it’s an AFI project assuring excellent quality and guarantee of delivery” said Tal Roma, Business Development Manager, AFI Europe Romania.

Situated in one of the greenest areas in north-west Bucharest, AFI City will provide a secured and modern lifestyle to its residents, along with spacious gardens and playgrounds. Relying on AFI’s approach of building communities, the project will inspire the “at home” feeling, combined with comfort, safety and friendship.

About AFI Europe:

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.

About AFI Europe Romania:

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 close to 90,000 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 34,000 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 has developed AFI Park, Bucharest’s newest and most advanced Class A Business Park. AFI Park offers 70,000 of office leasable area occupied by multinational IT&C corporations. AFI Park 1-5 are close to 100% leased. AFI Park line-up of multinational tenants includes: Microchip Technology, Electronic Arts, Endava Romania, Cameron US, SII Romania, ORTEC Central & Eastern Europe, FotoNation, Telus International, Veeam Software and Dell SecureWorks.

AFI Europe Romania is currently under development in the City Centre of Brasov Romania of AFI Brasov, which includes a 45,000 sqm GLA shopping mall and two office buildings of 25,000 sqm GLA.

In the office segment, AFI Romania is under development of AFI TECH PARK, a 56,000 sqm of GLA Class A Business Park 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 in a central garden, the project being built as a high tech/campus style environment, to answer the expanding needs of IT&C companies in Romania by offering a suitable space in terms of technical specifications accompanied by required expansion options.