AFI Palace Cotroceni to have a new owner

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After nearly a year of the start of negotiations to save Africa Israel Investments, the creditors seem to have reached an agreement with L.A.-based Israeli brothers Naty and Ofer Saidoff, sources say, capital.ro informs.

Africa Israel Investments, which owns AFI Properties, the majority shareholder of AFI Europe, present on the Romanian market, will have a new owner.

The most important asset of AFI Europe on Romanian market is AFI Palace Cotroceni mall, valued at EUR 440 million.

After long talks and more investors interested in taking over Africa Israel, including businessman Ioannis Papalekas, it seems that bondholders have accepted Saidoff’s offer to rescue the company in insolvency.

Africa Israel Investments has debt of EUR 682 million to investors in the company’s bonds.

Asked recently if Africa Israel takeover deal is affecting the company’s activity, David Hay, CEO of AFI Europe Romania, said for ecnomica.net that AFI Properties, which holds 57 percent of AFI Europe, is a solid company with good ratings from the rating agencies and a good cash flow. “If the owner changes, this will not affect us,” Hay pointed out.

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