Israeli group AFI Europe Romania bought a land of 23 million euros near the commercial and office complex of Cotroceni with the intention of expanding the mall, according to the company’s data.
The Broadhurst investment fund, headed by businessman Andrei Siminel from Bucharest, has put on the market a 4.5-hectare plot near AFI Cotroceni since 2013, for which it has phased down the price from 36 million euros 22.5 million.
The land is part of the former UMEB industrial platform, on which the AFI Palace Cotroceni mall was erected. The land taken over by AFI is 43 hectares. The developer’s first intention is to expand the Cotroceni mall, but the concrete project is to be set, the plot allowing for construction of up to 100,000 square meters and the AFI Group intending to expand its operations on the office building market and both retail and residential.
Inaugurated in 2009, AFI Cotroceni is the largest mall in Romania, with a retail space of more than 90,000 square meters AFI Cotroceni. It hosts stores for dozens of fashion & accessories brands, electronics or home & deco, as well as a entertainment area. The AFI Palace Cotroceni Mall in Bucharest is the main asset of AFI Europe Romania. Last year, AFI Cotroceni was valued at 501 million euros. Besides the AFI Cotroceni shopping center, the company also owns the AFI Park office park in Bucharest and the AFI Ploiesti shopping center. In addition, AFI Europe is developing a shopping center in Brasov and another office park in Bucharest.
AFI Europe, a subsidiary of AFI Properties, is one of the leading companies in development, management and investment in real estate, operating in Central and Eastern Europe since 1997 AFI Europe’s portfolio includes shopping centers and retail properties, business parks and large-scale residential developments and mixed-use developments. AFI Europe operates in Romania, Czech Republic, Poland, Germany, Bulgaria, Serbia, Hungary and Latvia. The net operating income (NOI) of AFI Europe’s revenue-generating assets in Romania reached 13.6 million euros in the first quarter of 2018, up 12% from the first quarter of 2017.