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AFI Europe buys Bucharest lots for €77.5 mln

AFI Europe NV has bought two lots in Bucharest, Romania with an aggregate area of 155,000 sq.m. for €77.5 million ($106 million). The lots have 700,000 sq.m. in building rights for residential, commercial, office and other uses.

AFI Europe is a sub-subsidiary of Africa-Israel Investments Ltd., held through Africa-Israel Properties Ltd. AFI Europe already has a number of projects underway in Romania, including the Cotroceni Park Mall in Bucharest, which will become the country’s largest mall for an investment of NIS 820 million ($189 million), and an adjacent five-building luxury office complex,; a residential project in northern Bucharest; and a mall in the western city of Arad, for an investment of €50 million ($68 million).

(BBJ 30.vii.07)

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