Tuesday, 9 September 2014
AFI Europe completes €32 million financing for AFI Park 2 & 3 office buildings in Bucharest (RO)
AFI Europe has signed a financing agreement totaling €32 million with BCR (Banca Comerciala Romana), a member of Erste Group, for AFI Park 2 and AFI Park 3 office buildings in AFI Park in Bucharest. The financing includes an investment loan of €17 million for AFI Park 2 office building and a development loan of €15 million for the development of AFI Park 3 office building.
“We appreciate the long and continuous cooperation with Erste Group in Romania and across the CEE, its trust in AFI Europe and the bank's ability to deliver such financing under the challenging market conditions. Securing this financing will allow AFI Europe to retrieve all equity invested in AFI Park 2 which was financed by internal funds of AFI Europe and to complete AFI Park 3 which is targeted to be opened by the end of this year”, commented David Hay, CEO AFI Europe Romania.
“As a leader of the banking system in Romania, BCR is directly interested in financing and developing the economy. So we are glad we found the right partners and the right project which allowed us to apply our real estate expertise. Moreover, we have an extensive partnership at Erste Group Immorent level with AFI and appreciate the quality of the projects they deliver and their professional approach to the industry”, declared Ana Dumitrache, Head of Real Estate Department of BCR.
AFI Europe has recently completed the leasing of its first three office buildings in the AFI Park project with the signing of a 6,000 m² pre-lease agreement in AFI Park 3 with TELUS International Europe.
In April this year, AFI Europe commenced the construction of AFI Park 4&5, the 4th phase of the award winning office project, targeted to be finalized in October 2015.
AFI Park will consist of 5 Class A office buildings, with a total gross leasable area of over 65,000 m², together with AFI Palace Cotroceni situated in its vicinity it features the largest complex of retail and business in Romania and one of the largest in the CEE region.