AFI Europe receives €39 million financing loan for the development of AFI Park 4&5 office buildings in Bucharest – EuropaProperty

AFI Europe has signed a financing agreement totalling €39 million with Bank Leumi Romania for the construction of AFI Park 4&5 office buildings, the 4th phase of AFI Park office project in Bucharest.

AFI Park 4&5 totals 32,000 sqm (GLA) of Class A LEED Gold office space spread over 12 floors of offices served by 2 underground parking levels with 300 parking spaces. The ground floor will provide retail spaces. With a floor plate of 3,000 sqm, AFI Park 4&5 is expected to provide the perfect solution to the needs of multinational IT&C and BPO companies.

“We are very happy to sign this significant agreement for the financing of the construction of AFI Park 4&5 with Bank Leumi Romania, which demonstrates the good relations and continuous cooperation between the bank and AFI. Achieving this financing for the last phase of AFI Park shows once again the high level trust of the banking community in AFI Europe as a development company and in AFI Park as one of the highly appreciated office projects in Bucharest,” said David Hay, CEO AFI Europe Romania.

The loan will finance the development finalization of the development in Bucharest. Construction started in April 2014 and is planned to be finalized and handed over to tenants in January 2016.

AFI Park consists of five office buildings, with a total gross leasable area of over 70,000 sqm, and together with AFI Palace Cotroceni (81,000 GLA) situated in its vicinity it features the largest complex of retail and business in Romania and one of the largest in the CEE region. All three office buildings of AFI Park were delivered fully leased. AFI Park 1 has its spaces occupied by companies such as Microchip, Cameron and Sparkware Technologies, while AFI Park 2 is fully leased to Electronic Arts. AFI Park 3, which was finalized at the end of last year, is entirely occupied by TELUS International and Endava Romania.

AFI Europe Romania is focusing on developing green buildings. AFI Park 1 and AFI Park 2 are the first office buildings in Romania to obtain the LEED Gold Core & Shell Certification. The additional office buildings in AFI Park are also in process of being certified as LEED Gold.