February 12 (SeeNews) - AFI Europe said on Monday that it has received the building permit for AFI City, the first residential project of the real estate developer in Romania.
The building process has been divided into phases, the first one scheduled to begin in the next two months, AFI Europe said in a press release.
Situated in the northwestern part of Bucharest, along the Bucurestii Noi Boulevard, phase 1 of the project will consist of 190 apartments, served by 228 above ground parking spaces.
The 190 apartments will vary in size and partitioning, offering double studios, two-room and three-room configurations.
Once all phases will be completed, the large scale planned residential project will become one of the largest in Bucharest, the developer said.
"We have extended our presence on the Romanian market by developing our first residential project in Bucharest. We are currently building 1,000 residential apartments in Belgrade, Krakow, Riga and Prague. These numbers stand as proof of the trust that people across the CEE have placed in us and that we have raised to their standards. Which is what we wish to replicate in Romania, and offer people the home they are looking for," AFI Europe Romania CEO David Hay said.
In December, AFI Europe Romania has signed a financing agreement worth 22 million euro ($25.9 million) with Bank Leumi Romania for the development of phase 1 of AFI Tech Park, its newest business park. The total investment in AFI Tech Park's first development phase amounts to over 30 million euro.
AFI Europe Romania posted a net operating income of 37 million euro in the first nine months of 2017, up 10.4% on the year.
AFI Europe, a subsidiary of AFI Properties, is one of the leading real estate development, management and investment companies, which is operating in Central and Eastern Europe since 1997. AFI Europe operates in Romania since 2005.
($= 0.8158 euro)