David Hay, the CEO of AFI Europe Romania, one of the biggest real estate developers in the country, has decided to leave the company after seven years.

Under David Hay’s management, AFI Europe Romania become one of the most important real estate players on the local market. The company doubled its net operating income to more than EUR 50 million, and completed new projects, including the AFI Ploiesti shopping mall and the 5 office buildings of AFI Park.

AFI Europe Romania, which also owns AFI Cotroceni, one of the biggest malls in Romania, currently has three other projects under different stages of development, including the AFI Brasov mixed used project, which includes a shopping mall and offices, the first office building of AFI Tech Park in Bucharest and the first 200 residential units of AFI City residential complex in Northern Bucharest.

“Under David Hay leadership, AFI Europe Romania stabilized and improved its operations after the 2008 crisis. The company diversified into other segments of the real estate markets including offices and residential and its team is ready to face any challenge that the future may bring. I respect David's decision and I thank him for his contribution, dedication and personal touch which he brought to this company for the last 12 years,” said Avi Barzilay, CEO AFI Europe.

Hay will continue to hold this position until the group will nominate a new CEO who will take over the Romanian operations.

AFI Europe Romania borrows EUR 22 mln to finance office project

editor@romania-insider.com