Real estate investment and development company AFI Europe has begun extension and reorganization works on the AFI Palace Cotroceni shopping mall in Bucharest, its flagship project on the local market.
The area occupied by fashion retailer Reserved will be expanded to 2,000 sqm. The brand is owned by Polish fashion retailer LPP Fashion which will open in the mall two more shops under the Mohito and Sinsay fashion brands. Also, Starbucks will reopen a coffee shop in the mall.
“The present extension increases the mall’s GLA to 82,000 sqm and the AFI Palace Cotroceni management is already working on new extension plans for an additional 8,000 sqm,” according to company representatives.
AFI Palace Cotroceni has a 80,000 sqm leasable area and was opened in 2009. It is the biggest and most important asset in the developer’s local portfolio. AFI Europe owns a second mall in Romania – AFI Palace Cotroceni – which it opened in October 2013 following a EUR 50 million investment.
In Romania AFI Europe has also invested in the office segment. It is presently developing the AFI Park project near AFI Palace Cotroceni which will comprise 5 office towers.