The new retail center will be in Arad, a city in the west of Romania, where the developer bought an 80,000 square meter plot of land several years ago. The investment will amount to EUR40 million.
“We will begin construction of a new retail park with a lettable area of 35,000 to 36,000 square meters on the plot in Arad in the third quarter of 2019. We are now finalizing the concept and waiting to get the construction permit,” says Doron Klein, AFI Romania CEO.
The tenant mix of the new development will include a 12,000 square meter anchor, a 10,000 square meter DIY store, and other stores for which no leases have been signed yet.
AFI is still in talks with tenants. The construction of the project could take nine months to a year, the developer estimates, so it could be finalized by the end of next year, Doron Klein added.
Two years ago, the former CEO of AFI Romania, David Hay, said the project in Arad should be completed in 2018 but the plan did not materialize.
The plot of land in Arad is at the intersection of Calea Aurel Vlaicu and Calea Vanatori, near the Atrium Center mall and the train station of the city.
(English version by Loredana Fratila-Cristescu)