AFI Europe Romania recently signed a lease contract with the Cora retail chain for a 12,500-m² hypermarket in the new shopping mall AFI Palace Ploiesti, which is to be developed in Ploiesti city center and is due to be completed in the last quarter of 2012.
AFI Palace Ploiesti is the first and only modern shopping mall to be developed in the city center of Ploiesti - one of the most dynamic and stable cities in Romania. Ploiesti is ranked as the second city in Southern Romania, following Bucharest, being a major administrative, commercial, trading and cultural center.
AFI Palace Ploiesti shopping mall will be located 800 meters from the city center, along the main entrance road to Ploiesti from the north east which will strengthen the location as the main inner city retail destination.
The construction of AFI Palace Ploiesti shopping mall will start in the last quarter of 2011. The project will include a total of 26,000 m² of leasable area on two floors plus 900 parking places aboveground and underground.
The ground floor will be anchored by Cora hypermarket together with electronics' and fashion anchors while the first floor will be a top of the line fashion floor which will be anchored by the best and most appreciated international fashion retailers present on the Romanian market.
"Closing the lease agreement with Cora is an important step forward in the development of AFI Palace Ploiesti project. We are sure that Cora hypermarket will have a positive impact on leasing of the project and on the traffic inside the mall once developed.
"We see Cora as a strategic partner in our activities in Romania and we hope to cooperate with Cora in other future projects," said David Hay, CEO AFI Europe Romania.
AFI Palace Ploiesti is the second project to be commenced by AFI Europe Romania this year, following the commencement of construction of the first class-A office building in AFI Business Park Cotroceni in Bucharest.
"This shows AFI Europe's commitment and belief in the Romanian market," David Hay added.
Source: CENTRADE SAATCHI & SAATCHI PR