AFI Europe invests EUR 30 million in AFI Palace Ploiesti

AFI Palace Ploiesti is set for opening in October 2013 and by the time it is completed, the commercial center will deliver over 100 international brands and a rentable area of 28,000 sqm. The mall will be also provided with over 1,000 parkins spaces and underground.

According to David Hay, CEO AFI Europe Romania, „AFI Europe runs a long partnership with Raiffeisen Group in CEE region” and underlined the comittment to open the mall in October 2013. Also, Cristian Sporis, VP Corporate Banking of Raiffeisen Bank stated that the partnership between the bank and the mall developer reaches over 6 years.

The construction at the mall started in May this year, according to the developer. In Romania, AFI Europe develops also the office compound linked to the Bucharest-based mall AFIPalace Cotroceni. For this year, the company also plans to deliver the retail park AFI Palace Arad and the mall AFI Palace B.NOI.

AFI Europe is a real estate investment and development company operating in Central Eastern Europe (CEE) and South Eastern Europe (SEE), with a focus on the development of large scale commercial and residential real estate projects. Since commencing operations in 1997 as a division of the Africa Israel Group, AFI Europe has established a track record of developing and managing real estate projects and properties in these regions, and its activities include the identification and evaluation of opportunities, preparation of designs, securing permits, purchase of land, and construction management, followed by the operation of commercial properties, or sale of apartments in the residential projects.

AFI Europe’s portfolio presently consists of 32 projects and properties. In addition, AFI Europe manages and holds a stake in a portfolio of 34 properties located in various cities in Germany.