Real estate developer AFI Europe has signed a financing agreement worth EUR 32 million with Romanian lender Banca Comerciala Romana BCR, a member of Erste Group, for its AFI Park 2 and AFI Park 3 office buildings within AFI Park in Bucharest.

The financing includes an investment loan of EUR 17 million for AFI Park 2 and a development loan of EUR 15 million for AFI Park 3 office building.

“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 to be opened be the end of this year,” said David Hay, CEO AFI Europe Romania.

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 sqm pre-lease agreement in AFI Park 3 with TELUS International Europe.

In April this year, AFI Europe started the construction of AFI Park 4&5, the 4th phase of the office project, which is to be finalized in October 2015. AFI Park 4&5 is built as one building served by two lobbies. The building shall total a GLA of 32,000 sqm spread over 12 floors of offices served by 2 underground parking levels and a ground floor for commercial spaces.

AFI Europe operates on the Romanian market since 2005. The company developed and operates AFI Palace Cotroceni shopping mall in Bucharest, AFI Palace Ploiesti and AFI Park office complex. The shopping mall in Ploiesti was opened in 2013, following an investment of EUR 50 million.

Irina Popescu, irina.popescu@romania-insider.com