AFI Europe Romania announce a top management change: Mr. David Hay the CEO of the company for the last 7 years announced his resignation and his intention to continue his professional path apart of the company. The decision is a personal choice of Mr. Hay and the Group management, although with sadness, accepted his decision.
All the projects of AFI Europe Romania will continue with no other changes and David Hay will assure the smooth transition to the next CEO.
Under David Hay management, AFI Europe Romania become one of the most important real estate players on the Romanian market. The company reported a continuous growth and expansion. The Romanian operations NOI doubled to more than EUR 50 mil., new projects were developed and completed including AFI Ploiesti shopping mall and the 5 office buildings of AFI Park. Currently, 3 projects are under different stages of development including AFI Brasov mixed used, project of shopping mall and offices, the first office building of AFI Tech Park in Bucharest and the first 200 residential units of AFI City residential complex.
“After 12 years of service in various positions in AFI Europe and after 7 years of managing the Romanian operations of the group, I have decided with a heavy heart to take the next step and explore other potential opportunities. With consideration, I thank our clients and partners for their collaboration. Special thanks go to the great team of AFI Europe Romania for their dedication, professionalism and constant support and to the management of AFI Europe Group for their continuous trust and support,” said David Hay.
“Under David Hay leadership, AFI Europe Romania stabilized and improved its operations after the 2008 crises. The company diversified into other segments of the real estate markets including offices and residential and its team is ready to face any challenge that the future may bring. I respect David’s decision and I thank him for his contribution, dedication and personal touch which he brought to this company for the last 12 years. Our paths are now splitting, in a friendly yet sadly way. David Hay will hold this position until we will nominate a new CEO who will take over the Romanian operations,” said Avi Barzilay, CEO AFI Europe.
AFI Europe, a subsidiary of AFI Properties, is one of the leading real estate development, management and investment companies, which is operating in Central and Eastern Europe since 1997.
AFI Europe’s diversified portfolio consists of shopping malls and retail properties, business parks and large-scale residential and mixed-use developments. AFI Europe operates in Romania, Czech Republic, Poland, Germany, Bulgaria, Serbia, Hungary and Latvia.
AFI Europe operates in Romania since 2005. The company has developed and is managing “AFI Cotroceni”, the largest and most dominant shopping mall in Romania and among the leading shopping malls in the CEE region. The mall spreads over a leasable area of close to 90,000 sqm (GLA) and offers to its visitors a large entertainment area with multiple leisure options and a variety of over 300 shops of local and international brands, visited by 50,000 customers per day.
In October 2013, AFI Europe inaugurated AFI Ploiesti, the first and only modern shopping mall developed in the city centre of Ploiesti, following an investment of over EUR 50 million. The shopping mall offers a total gross leasable area (GLA) of 34,000 square meters spreading over two retail floors occupied by 100 national and international brands, including more than 7,000 sqm of entertainment.
Adjacent but fully integrated into AFI Cotroceni shopping mall, AFI Europe Romania has developed AFI Park, Bucharest’s newest and most advanced Class A Business Park. AFI Park offers 70,000 of office leasable area occupied by multinational IT&C corporations. AFI Park 1-5 are close to 100% leased. AFI Park line-up of multinational tenants includes: Microchip Technology, Electronic Arts, Endava Romania, Cameron US, SII Romania, ORTEC Central & Eastern Europe, FotoNation, Telus International, Veeam Software and Dell SecureWorks.
AFI Europe Romania is currently under development in the City Centre of Brasov Romania of AFI Brasov, which includes a 45,000 sqm GLA shopping mall and two office buildings of 25,000 sqm GLA.
In the office segment, AFI Romania is under development of AFI TECH PARK, a 56,000 sqm of GLA Class A Business Park located in close proximity to the J.W. Marriott hotel and the Romanian Parliament. The business park will comprise of 2 low rise office buildings and one office tower, with ample green areas in a central garden, the project being built as a high tech/campus style environment, to answer the expanding needs of IT&C companies in Romania by offering a suitable space in terms of technical specifications accompanied by required expansion options.
In addition, AFI Europe Romania has two projects to be developed in the near future: a 80,000 sqm land plot in Arad where a retail park is to be developed anchored by a hypermarket and a DIY shop and the large scale residential project AFI City, to be developed on the 148,000 sqm land plot in Bucurestii Noi district 1 of Bucharest.