AFI Europe Romania starts works on EUR 700 mln Laromet project

The mall-type commercial center, AFI Golden Palace, will deliver 27,000 sqm, and the office building 12,000 sqm. The residential part, AFI Golden City, will deliver 5,300 housings units within a total area of 530,000 sqm. The entire project is set for completion in 2010.
The group has so far invested EUR 200 million in land in Ploiesti, Bucharest and Arad. On the Romanian residential segment, it has announced projects including AFI Green City, AFI Gardens, AFI Golden City, AFI Towers and AFI Village.
Works on AFI Cotroceni Park started in 2007.
The developer is also planning the construction of five office buildings on the site. The project requires EUR 300 million in investment, and is partially financed by a EUR 234 million loan granted by Hypo Real Estate Bank earlier this year.

Magda Purice