AFI Europe to invest EUR 290m in a real estate project in Arad, Western RomaniaPublish date: 21-02-2008
AFI Europe, a division of the investment group Africa-Israel, will spend 290 million euros to develop a real estate project in Arad, Western Romania, consisting of one mall, office buildings and a residential complex, people close to the deal said.
The company did not disclose any further details regarding the project.
AFI Europe has recently inked an agreement with Hypo Real Estate Bank to finance the Cotroceni Park project which is estimated at 280 - 300 million euros. The project consists of one mall and five office buildings unfolding on a total built area of 200,000 square meters, plus a parking lot of 120,000 square meters.
AFI Europe owns residential properties, malls and hotels in Romania, the Czech Republic, Bulgaria and Serbia. The Africa-Israel group was founded in 1934 and operates on the real estate, energy, hotels and fashion industry. Africa-Israel Investments is listed on the Tel Aviv stock exchange and has a share capital around 3 billion U.S. dollars.
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