Romania’s newest mall was officially inaugurated on Wednesday, October 21. Its construction was carried out on the site of the former Hidromecanica factory, which went into insolvency in November 2010. AFI Group acquired the land in 2015, and in 2017 the works for the construction of AFI Brașov started. Initially, the project was supposed to be delivered in May of this year, but the outbreak of the pandemic turned the developer’s plans upside down.
The construction of the mall was handled by seven contractors and subcontractors from Romania.
The shopping center has an area of 45,000 square meters and 15,000 square meters of modern offices. The investment amounts to 148 million euros for the whole project. Doron Klein, CEO of Afi Europe Romania and the Czech Republic, expects the investment to be recovered in 10-15 years.
The mall hosts over 100 international and local brands, playgrounds, fitness center, entertainment center, banks and a supermarket.
So far, AFI Group, one of the largest Israeli investors present on the local market, has invested over 1 billion euros in various projects in Romania, including AFI Palace Cotroceni, AFI Ploiești and AFI Tech Park. However, the developer’s plans do not stop there.
Currently, AFI Group is building a 5,000 sq m shopping center, part of a residential complex in New Bucharest. The investment amounts to approximately 8 million euros, and the project will be delivered at the end of 2021.
At the same time, the developer has under construction the second phase of the office project within AFI Tech Park, which covers an area of 25,000 square meters. About 28 million euros have been invested in this project and the delivery deadline is the first quarter of 2022.
In addition, AFI Group’s plans include a mini park in Arad, but the CEO did not provide more information about the project. The expansion of office buildings around AFI Cotroceni is also on the Israeli list.
Of all the countries in which it operates, AFI Group has the most projects in Romania.
