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AFI to take over Casa Radio

Alex Hayes 11 February 2019

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

AFI to take over Casa Radio
Eventually the development should comprise a built up area of around 467,000 sqm
ROMANIA Plaza Centers has signed a non-binding letter of intent with AFI Europe to sell its 75 pct stake in the Casa Radio project in Bucharest for EUR 60 mln.

The Romanian authorities also hold a 15 pct stake in the project to be built on the Dâmbovița river bank, while an undisclosed third-party private investor holds the remaining 10 pct. Due diligence is to be completed by April 19th, after which a preliminary sales agreement is to be drawn up within a period of 30 days, which is to include a non-refundable down payment by the purchaser. The final sales agreement should be signed within 15 months of the signing of the preliminary sales agreement.

The transaction is subject to a number of conditions, including, the acceptance of the public authorities of AFI as the new PPP partner in the project, the completion of due diligence, the approval of the public authorities of a new schedule for the project, and the confirmation of the 49-year lease period agreed by the public authorities with Plaza Centers.

Plaza Centers has agreed not to start negotiations for the sale of the project to any third party.

Eventually the development should comprise a built up area of around 467,000 sqm, including a 90,000 sqm gla shopping centre with an indoor leisure centre and around 127,000 sqm gba of offices, with a hotel and conference centre.


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