Hypo Real Estate Bank completes €234 mln. financing of Cotroceni Park for AFI Europe (RO)
Thursday 28 February 2008
Hypo Real Estate Bank International AG, a member of Hypo Real Estate Group, announced that it has agreed to provide a development and investment financing facility to SC Cotroceni Park S.A. the SPV for AFI Europe NV, a member of the Africa Israel Group, to finance the development of Cotroceni Park, a 75,562 m² retail property in Bucharest, Romania.
Cotroceni Park is located in Bucharest, sector 6, in the central western part of the City at the crossroads between the boulevards Timisora and Vasile Milea. It is designed to function as a third generation shopping and entertainment center providing a diverse mix of high-end retail with a strong presence from both local and international brands, a food court, a large leisure area and a 20 screen cinema complex including the city's only IMAX screen.
Commenting, Harin Thaker, CEO-Europe, Middle East & India - Hypo Real Estate Bank International, said: “We are delighted to have completed this financing for AFI Europe, an international investor with an impressive track record. Delivering a flagship project in the Romanian real estate market requires skillful management by the investor and the closing of this transaction also reflects our ability to adapt to prevailing market conditions and to continue to deliver tailored financing solutions for our customers.”
Commenting, Opher Linchevski, CEO, AFI Europe N.V, added: “We were impressed with the bank´s responsiveness and their ability to deliver the financing we required and to a timetable that matched our expectations. This financing will allow us to complete successfully the biggest shopping mall in Romania.”