Real estate investment and development company AFI Europe has completed the third building of its AFI Park office project in Bucharest, the company announced on Tuesday. The 12,200 sqm (GLA) class A office building required an investment of EUR 20 million and is presently fully leased to Endava Romania and TELUS International. The project is financed with a development loan of EUR 15 million from BCR. Its construction started in June 2013 and the general contractor was Danya Cebus.
Presently the developer is working on completing the remaining two buildings part of the project.
“We are continuing the development of the office complex with AFI Park 4&5 (32,000 sqm GLA), to be delivered in Q4 2015”, said David Hay, CEO AFI Europe Romania. Unlike the previous three towers, AFI Park 4&5 is built as a single building, offering a floor plate of approximately 3,000 sqm. This feature targets “the need for large open space of IT&C and BPO companies”, said company representatives.
When completed, the entire office project will feature around 70,000 sqm (GLA).
AFI Park 1 and AFI Park 2, the project’s first two buildings, are presently valued at EUR 28 million and EUR 27.5 million, according to company data. The two buildings are fully leased to tenants such as Electronic Arts, Microchip, Cameron and Sparkware Technologies.
AFI Park is located in center-west Bucharest near the AFI Palace Cotroceni shopping mall (81,000 sqm GLA), AFI Europe’s flagship project in Romania.