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Bulgaria's economy grows 1.8% y/y in Q3 - prelim data
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Dec 20, 2017 15:18 EEST
December 20 (SeeNews) - Real estate developer AFI Europe Romania said on Wednesday it has signed a financing agreement worth 22 million euro ($25.9 million) with Bank Leumi Romania for the development of phase 1 of AFI Tech Park, its newest business park.
Construction works for AFI Tech Park are advancing on schedule, as the skeleton structure has already been completed, AFI Europe Romania said in a press release.
The total investment in AFI Tech Park's first development phase amounts to over 30 million euro.
"AFI Europe has an excellent long term and strategic relationship with the banks for financing projects and we are glad to have, once again, Bank Leumi as our partner for phase 1 in AFI Tech Park, a project through which we plan to open a new zone for office development in Bucharest," AFI Europe Romania CEO David Hay said.
"With our current development projects, AFI Tech Park office project in Bucharest, AFI Brasov mall and offices, and soon to start our first residential project in Bucharest AFI City, AFI Europe continues its expansion in Romania."
AFI Tech Park is a 56,000 sq m gross letable area (GLA) of Class A offices, developed in three phases.
The first phase of the project will be delivered in the second quarter of 2018, offering 20,000 sq m GLA office space and 2,000 sq m of retail area.
AFI Europe Romania posted a net operating income (NOI) of 37 million euro in the first nine months of 2017, up 10.4% on the year.
AFI Europe, a subsidiary of AFI Properties, is one of the leading real estate development, management and investment companies, which is operating in Central and Eastern Europe since 1997.
($= 0.8468 euro)
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