AFI Europe N.V., present since 2005 on the Romanian market through AFI Europe Romania, has signed a non-binding Letter of Intent with Plaza Centers N.V. to take over its entire indirect shareholdings in the Casa Radio project, located in central Bucharest. The total value of the offer is EUR 60 million.
Subject to the successful completion of this transaction, AFI Europe will become the majority shareholder in this project, with a share of 75%. The remaining 25% of the shares are held by Romanian authorities (15%) and third-party investors (10%).
AFI Europe will conduct due diligence after which, if satisfactory, a pre-sales agreement will be executed.
The definitive sales agreement is subject to the fulfillment of certain conditions.
„Casa Radio is a landmark site in Bucharest and is in line with our expansion strategy. Given the very early stages of this acquisition, we will provide updates on the purchase and any further plans as the process advances”, stated Doron Klein, CEO AFI Europe Romania.
Last year, AFI Europe Romania purchased a 4.3 hectares land plot near AFI Cotroceni, where the company will develop a mixed office, residential and retail project. Other major projects currently developed by the company in Romania are AFI Tech Park, a new office complex in central Bucharest, which already delivered its first phase, AFI City, the company’s first residential project in Romania, in the Bucureștii Noi neighborhood in northern Bucharest, and AFI Brașov, a mixed retail and office project.