AFI Europe – Dedeman transaction fails

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Israeli’s AFI Europe and Paval brothers, owners of Dedeman, Romania’s biggest DIY retailer, have agreed to cancel the sale transaction of the office buildings AFI Park 1-3, as a press release informs.

Following the announcement a few days from Dedeman of its intention not to advance with the purchase of office building AFI Park 4&5, which were actually not under a binding agreement, both parties have agreed to retreat and to cancel also the purchase agreement of AFI Parks 1-3, in order to enable AFI Europe to continue and operate all the buildings in the park as a complete office complex.

“Following the discussions that were conducted between the sides, it was mutually agreed for the annulment of the deal,” the release reads.

The transaction, initially estimated at EUR 164 million, exponentially decreases and loses the status of the largest sale in the Romanian market history.

AFI Park is a business park located adjacent to the successful shopping mall AFI Cotroceni and includes 5 office buildings with a total leasable area of 70,000 sqm GLA, which are fully leased.

AFI Park line-up of tenants includes: Microchip Technology, Electronic Arts, Endava Romania, Cameron US, SII Romania, ORTEC Central & Eastern Europe, FotoNation, Telus International, Veeam Software, SecureWorks and more. All AFI Park buildings are green buildings having LEED Gold Certification.

 

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