AFI Europe successfully completes refinancing for AFI Park 2 and AFI Park 3 office buildings in Bucharest
AFI Europe has signed a financing agreement totalling €32 million with BCR (Banca Comerciala Romana), a member of Erste Group, for AFI Park 2 and AFI Park 3 office buildings in AFI Park in Bucharest.
The financing includes an investment loan of €17 million for AFI Park 2 office building and a development loan of €15 million for the development of AFI Park 3 office building.
“We appreciate the long and continuous cooperation with Erste Group in Romania and across the CEE, its trust in AFI Europe and the bank's ability to deliver such financing under the challenging market conditions. 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 targeted to be opened by the end of this year,” commented David Hay, CEO AFI Europe Romania.
“As a leader of the banking system in Romania, BCR is directly interested in financing and developing the economy. So we are glad we found the right partners and the right project, which allowed us to apply our real estate expertise. Moreover, we have an extensive partnership at Erste Group Immorent level with AFI and appreciate the quality of the projects they deliver and their professional approach to the industry”, declared Ana Dumitrache, Head of Real Estate Department of BCR.
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 commenced the construction of AFI Park 4&5, the 4th phase of the award winning office project, targeted to be finalized in October 2015.
AFI Park 4&5 is constructed as one building served by two lobbies. The building shall total GLA of 32,000 sqm spread over 12 floors of offices served by 2 underground parking levels and Ground floor for providing commercial spaces. The building shall offer a floor plate of 3,000 sqm.
“AFI Park has established itself as the new IT hub for Bucharest and as an important thought after location for multinational companies. The success of the first three buildings gave us the confidence to start the construction of AFI Park 4&5. By respecting the time schedule promised to the tenants, we assure accountability and continuity of performance to the banks and to our tenants”, said David Hay, CEO AFI Europe Romania.
True to its commitment to respect the environment by increasing the energy efficiency, all AFI Park buildings are in process of receiving the LEED Gold Certification for Green Buildings. AFI Park 1 is the first office building in Romania to obtain the LEED Gold Core & Shell Certification.
AFI Park will consist of 5 Class A office buildings, with a total gross leasable area of over 65,000 sqm, together with AFI Palace Cotroceni situated in its vicinity it features the largest complex of retail and business in Romania and one of the largest in the CEE region.