BUCHAREST (Romania), April 6 (SeeNews) – Real estate developer AFI Europe Romania announced on Monday that it would postpone the opening of AFI Brasov, the largest shopping mall to be delivered in Romania in 2020, due to the COVID-19 pandemic.
Originally planned for the spring of this year, the opening date will now be postponed to autumn 2020 if the general social conditions allow this, said AFI Europe Romania in a press release.
“Our decision is based on our top priority to ensure the safety of all our employees, employees and customers, which we cannot guarantee as we should now due to the COVID-19 pandemic. The opening date will be set as soon as we have achieved a higher degree of predictability in the overall social context, “said AFI Brasov General Director Ilan Kalimi.
AFI Brasov will include shops, restaurants, a cinema complex, a hypermarket, playgrounds, a gym, service shops and a green terrace with a gross rental area of 45,000 m².
AFI Europe’s total investment in the Brasov shopping center is € 170 million (US $ 183.7 million).
AFI Europe, a subsidiary of AFI Properties, is a leading real estate development, management and investment company operating in Central and Eastern Europe since 1997. AFI Europe has been operating in Romania since 2005.
The company operates the AFI Cotroceni shopping centers in the capital Bucharest and AFI Ploiesti in the southern city of Ploiesti. The company is also developing AFI City, its first residential project in Romania, in District 1 of Bucharest. In the office segment, the company owns AFI Park, which consists of office buildings with over 70,000 m² of office rental space, and is developing AFI Tech Park, a 56,000 m² GLA class A business park in the immediate vicinity of the Romanian Parliament.
In December 2019 AFI Europe signed a contract worth 300 million euros for the Romanian office portfolio of NEPI Rockcastle.
On April 1, NEPI announced to Rockcastle that the sale of its Romanian office property portfolio was not completed because the buyer – AFI Europe – had failed to complete certain procedures, resulting in a breach of contract that entitle the sellers to terminate the contract and the contractual one Guarantee. The parties discussed an extension of the completion date, but could not reach an agreement under what conditions, said NEPI Rockcastle at the time.
($ = 0.9252 euros)