€30 million financing to be provided by Raiffeisen Bank Int. Group for AFI shopping mall (AT/RO)

AFI Europe, a member of AFI Group, announces that it has signed a financing agreement of over €30 million with Raiffeisen Bank International, Vienna, and its subsidiary Raiffeisen Bank, Bucharest, for the construction of AFI Palace Ploiesti shopping mall project, located in Ploiesti city center in Romania.

AFI Palace Ploiesti is the first modern shopping mall to be developed in Ploiesti city center and is scheduled to be opened in October 3rd, 2013. The Mall is located on Strada Gheorghe Doja, along the main access road from the North-East, a position that will transform the mall into the main commercial destination within the city. Once completed, the shopping mall will include more than 100 international and leading fashion brands spread over two floors with a total leasable area of 28,500 m² and 1,000 parking both underground and above ground.

Currently the shopping mall is about 70% leased, with anchor tenants such as Cora hypermarket, Flanco electronics and H&M and with other top fashion brands such as New Look, Reserved, Mussete, Timeout, Collins, Nike, Aldo, Motivi, Otter, Lee Cooper, Il Passo, B&B, Jolidon with additional top brands currently under final negotiations. The food court is already fully leased to the following tenants: KFC, McDonald's, El Bacha Restaurant, Quasi Pronti, Pizza Dominium, Thang Long, Pizza Bonita.

Commenting, David Hay, CEO AFI Europe Romania, said: "AFI Europe has a long standing cooperation with Raiffeisen throughout CEE, and we are delighted to continue and expand this cooperation to our operations in Romania. We appreciate the bank's trust in AFI Europe and the bank's ability to deliver the financing under the existing tough market conditions. Securing this financing will allow AFI Europe to successfully complete the project and open it on October 3rd 2013."

Cristian Sporiș, VP Corporate Banking of Raiffeisen Bank, added: "AFI Europe has an excellent track record in developing and operating commercial projects in Romania. It is our strategy to develop long-term partnerships with our customers. Raiffeisen Bank and AFI Europe have been cooperating on the local market for six years now, therefore I am confident that the project in Ploiesti is going to be a successful one".

Source: AFI Europe

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