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Deal of the year on the local office building market: Dedeman buys AFI Park for EUR 164 M

Deal of the year on the local office building market: Dedeman buys AFI Park for EUR 164 M
Israel’s AFI Europe signed a pre-agreement to sell AFI Park 1-3 office buildings to Dedeman, the leading company in Romania in the DIY retail segment, a press release informs. The agreement also includes an option to sell AFI Park 4&5. The total price for AFI 1-5 is approx. EUR 164 million.

“Once this transaction is completed, it will be AFI Europe’s first sale transaction in Romania. An important milestone from our point of view as an international developer having already invested more than five hundred million EURO in Romania and currently developing 3 new important projects: AFI Brasov mixed use project which includes 45,000 sqm shopping mall and 25,000 class A offices, AFI Tech Park – a 56,000 sqm office park – and AFI City residential project in Bucurestii Noi,” stated David Hay CEO AFI Europe Romania.

AFI Park 5 office buildings offers 70,000 sqm GLA of office leasable area occupied by multinational corporations. AFI Park line-up of tenants includes: Microchip Technology, Electronic Arts, Endava Romania, Cameron US, SII Romania, ORTEC Central & Eastern Europe, FotoNation, Telus International, Veeam Software, SecureWorks and more. All AFI Park buildings are green buildings having LEED Gold Certification.

“The AFI Park project reflects our high standards, that we want to exercise in all our business, applied to the office sector. We have concluded that this acquisition is the most robust and confident step that we can take today in the field of commercial real estate, a sector that we want to invest in. Furthermore, we believe that this investment will solidify our group and our core business of DIY retail together with the trust of our existing and future business partners,” Dragos Paval, CEO of Dedeman, said.

Dedeman is the leader of the Romanian DIY market and is one of the largest companies in Romania operating 45 stores.

AFI was advised by Colliers International, law firm NNDKP and lawyer Bianca Stamatoiu, while Dedeman was advised by Popovici, Nitu, Stoica & Asociatii.

According to specialists, this Dedeman – AFI Park agreement could be considered the biggest deal on the Romanian office building market this year.

In turn, Robert Miklo, associate director of investment services with Colliers International, said this is a very consequential transaction for the domestic market and will have a positive influence on the perception of Romania both in the international arena as well as in the eyes of the local investment community./IBNA

Source: romaniajournal.ro

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