AFI Europe Romania pays 23 mln euro for land plot in Bucharest

The land plot is situated near AFI Cotroceni and AFI Park, two of AFI Europe Romania’s biggest projects developed in Bucharest, the company said in a press release.

"The acquisition will allow us to develop our projects in Bucharest, as part of our endeavors to further expand our business operations on the office, retail and residential markets. The first step post-acquisition will consist of identifying the best usage of the land plot, on which we can build up to 100,000 sq m," AFI Europe Romania CEO Doron Klein said.

With more than 56,000 visitors every day, AFI Cotroceni hosts 350 retail units with anchors including national and international brands.

AFI Park is comprised of 5 Class A office buildings, totaling 70,000 sq m of GLA, linked to AFI Cotroceni shopping mall.

Earlier this month, AFI Europe Romania said it has started the construction of AFI City, its first large-scale residential project in Romania, in which the company plans to invest 16 million euro.

AFI Europe, a subsidiary of AFI Properties, is a leading real estate development, management and investment companies, which has been operating in Central and Eastern Europe since 1997. AFI Europe operates in Romania since 2005.

($=0.8647 euro)