AFI develops additional 27,000 sq. m offices in Bucharest

The company signed the first lease agreement this year, for 40% of the total rentable area in AFI Park 3 office building, with the British IT company Endava Romania.

AFI Park 1 is fully let and AFI Park 2 is 96% let. Based on these results and on the pre-lease for AFI Park 3 recently signed with Endava, the company will start the construction of additional 27.000 sq. m to the rentable area within AFI Park 4 and AFI Park 5 according to David Hay, CEO AFI Europe Romania.

AFI Park office project generally attracts tenants in IT&C industry, as the two floors Endava will leave in the first building following its relocation were already rented to companies in this field. One of these companies also rented the entire available space in the ground floor of AFI Park 1, with an area of 3,000 sq. m.

AFI Europe operates in Romania since 2005. The company has developed and manages AFI Palace Cotroceni, the biggest mall in Romania and one of the biggest commercial centres in CEE. The project includes over 80,000 sq. m rentable area and it is visited by approx. 53,000 clients per day.

Adjacent to the mall, but integrated within, AFI Europe Romania currently develops AFI Park, a class A office complex in Bucharest. The park offers for rent over 60,000 sq. m office GLA, currently targeted by the IT&C multinational companies.

The first building, AFI Park 1, with a 12,200 sq. m GLA was completed on September 1st 2012 and it is fully let. In the second building, AFI Park 2, the office spaces were 100% rented to Electronic Arts (the developer of FIFA games), and in AFI Park 3, 40% of the office area is rented by Endava.

The buildings will be delivered in April and December 2014. Each building offers 12,150 GLA. The construction of the last buildings of the complex, AFI Park 4 and AFI Park 5, with a total rentable area of 27,000 sq. m, will start in the first quarter of this year.

On October 3rd 2013, AFI Europe Romania inaugurated a mall in Ploiesti, following over EUR 50 million investment.

The company will develop in the near future two new retail projects: a retail park on 30,000 GLA in Arad, in the centre of the city, on a land of 80,000 sq. m and a commercial centre in Bucurestii Noi, of 36,000 sq. m GLA.

On the segment of the office buildings, AFI Europe will develop AFI Business Park, a class A office building including 50,000 sq. m GLA to be placed in the vicinity of J.W. Marriott hotel and the Palace of Parliament in sector 5 of Bucharest. The office project includes office spaces in four buildings with a reduced height and an office tower, around an interior garden with green area. (source: dailybusiness.ro)