AFI Europe NV has completed the purchase of four Class A office projects in Romania, formerly known as the NEPI Rockcastle’s office portfolio, following a transaction of EUR 294 million. Starting today, the four office projects will be part of AFI Europe Romania’s portfolio.
The four office projects, located in Bucharest and Timisoara, have a total gross leasable area (GLA) of 118,500 sqm which are added to the existing office portfolio AFI Romania manage totaling to more than 210,000 sqm and with two office projects currently under construction (AFI Tech Park, AFI Park Brasov) will stand on 250,000 sqm positioning AFI Europe as one of the largest office owners in Romania.
“This transaction is fully in line with our strategy to grow our yielding property’s portfolio in the region both by development of existing land bank as well as by identifying acquisition opportunities in the markets we are active in. We strongly believe in the potential of the Romanian market with a long term perspective. I would like to use this opportunity thanking the team of advisors who supported us in this transaction: CMS (legal), EY (financial and tax), JLL (commercial) and Optim (technical) and of course our very own AFI Romania team, all did an outstanding work”, stated Doron Klein, CEO AFI Europe Romania & Czech Republic.
The acquisition was financed by consortium of three banks: Erste Bank, Deutsche Pfandbriefbank and Banca Comerciala Romana.
The acquired portfolio consists of 4 Class A office projects: Floreasca Business Park, The Lakeview and Aviatorilor 8, in Bucharest, and Timisioara City Business Center, in Timisoara.
In the upcoming months, AFI Europe Romania will finalize phase I of AFI Park Brasov, a new Class A office building situated in the heart of Brasov, part of the mixed office-retail project AFI Brasov, and is advancing the construction work for AFI Tech Park 2, the second phase of the newest business campus, located close to the city center, in Bucharest.