Romania’s largest mall has a new owner

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Africa Israel Investments, which owns AFI Properties, the majority shareholder of AFI Europe, present on the Romanian market with projects such as AFI Park office buildings, AFI Cotroceni – Romania’s biggest mall, a.s.o., will have a new owner. After nearly two years of long talks and several offers to take over the company, businessman Moti Ben-Moshe has won the tender to buy Africa-Israel Investments, as Israeli newspaper Globes reads.

“In the vote by the trustees of the three bondholder series, he won a very clear majority over Naty Saidoff. Only two of the 15 major bondholders reportedly voted for Saidoff,” the source shows.

The company owned by billionaire Lev Leviev, also known as the “king of diamonds,” will be taken over by Ben-Moshe, with whom he has participated in the auctions organized to save Africa Israel Investments.

According to Itzik Idan CPA, the economic advisor to the bondholders representatives, after a week of improved offers, Ben-Moshe was offering an economic value of EUR 570 – 576 million, while Saidoff was offering an economic value of EUR 563 – 564 billion.

Attending the AFI Brasov cornerstone event last September, David Hay, CEO of AFI Europe Romania, stated that AFI Properties, which owns 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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