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BUCHAREST (Romania), July 11 (SeeNews) - Real estate developer AFI Europe Romania said on Thursday it has signed a pre-contract with Plaza Centers to buy a 75% stake in the Casa Radio project in Bucharest for 60 million euro ($67.6 million).
The pre-contract represents the second stage of the acquisition process and follows the signing of a non-binding letter of intent by the two companies in February, AFI Europe said in a press release.
At this time, AFI Europe carries out the diligence operations which are to be concluded in September 2019. If the due diligence operations are successful and certain conditions are fulfilled, the two companies will advance to the final stage the acquisition process.
In February, AFI Europe signed a non-binding letter of intent with Plaza Centers to take over its entire indirect shareholdings in Casa Radio project. The remaining shares will be held by the Romanian authorities (15%) and third-party investors (10%), AFI Europe said at the time.
AFI Europe, a subsidiary of AFI Properties, is a leading real estate development, management and investment companies, which has been operating in Central and Eastern Europe since 1997. AFI Europe operates in Romania since 2005.
Casa Radio is the most important ongoing project of real estate developer Plaza Centers in Romania. Plaza Centers started the project in 2007 under a public-private partnership agreement with the Romanian government. The property includes a site covering an approximate area of 92,000 sq m, according to information posted on the company's website.
Plaza Centers focuses on building new shopping and entertainment centers and, where there is significant potential, redeveloping existing centres in both capital cities and important regional centers. It has a significant presence across Central and Eastern Europe and operates also in India.
($= 0.8872 euro)