AFI Europe announced on October 17 that it completed the construction of its first retail park developed in Romania, located in the city center of Arad. The official inauguration is scheduled for November 1, with local authorities and company representatives.

The new retail park encompasses a built area spanning over 30,600 square meters, positioned within a total land perimeter of 79,900 sqm. It boasts a gross leasable area (GLA) of 29,400 square meters, all on a single level, and ensures convenient access for visitors with 950 above-ground parking spaces.

“It is with great pleasure that I announce the inauguration of this project, a milestone for both AFI Europe, with our first retail park in Romania, and the Arad community, who will have the opportunity to encounter renowned brands that have been eagerly awaited in their city,” said Doron Klein, CEO of AFI Europe Romania and the Czech Republic.

As part of the project, a McDonald’s Drive-Thru restaurant was opened in the summer of 2022. In addition, the city’s first Leroy Merlin opened its doors to the public in July 2023, offering a leasable area of 9,000 square meters.

Now, AFI Arad will also host several newcomer retailers arriving in the city for the first time, such as a Carrefour hypermarket (with a leasable area of 5,800 sqm), Media Galaxy (3,000 sqm), Decathlon (2,000 sqm), Half Price, Starbucks, Burger King and others.

The opening of AFI Arad will create approximately 2,000 jobs locally, the company said.

AFI Europe is part of AFI Properties, a leading real estate development, management, and investment company operating in Central and Eastern Europe. In Romania, the company manages AFI Cotroceni shopping center, AFI Ploiesti, and AFI Brasov. In the office sector, AFI Europe Romania has a portfolio of 7 Class A business parks (AFI Park 1-5, AFI Tech Park, AFI Park Brasov, AFI Lakeview, AFI Park Floreasca, AFI Victoriei Plaza, and AFI Park Timisoara).

AFI Europe Romania is the second most important office owner in the country, managing business projects totaling approximately 300,000 sqm GLA and retail spaces of approximately 170,000 sqm GLA.

In 2020, the company delivered its first residential project on the local market, the first phase of AFI City Bucurestii Noi, which includes 190 apartments.

Last year, the company inaugurated AFI Tech Park 2, the second phase of the three-phase business park located on Progresului Boulevard, and a commercial gallery, AFI City Bucurestii Noi, right near the residential project. 

In 2021, AFI Europe Romania acquired two land plots in Pipera for developing a new business division, Residential to Rent, consisting of 3 residential towers and a total of 370 apartments. The first phase of AFI Home North, composed of 2 residential to-rent units, is now under construction.

irina.marica@romania-insider.com

(Photo source: the company)