Visibly driven by the sluggishness of activity in its main markets (retail and offices), AFI Europe Romania has purchased just over one hectare of land in the overcrowded neighborhood of Pipera, north of Bucharest, where it plans to build 450 apartments and to rent them.
It’s a proven recipe for success, tested for decades by Romanians who have used their savings to buy apartments for a slightly better return on dismal bank deposit interest rates (sometimes really negative, like now).
On a larger scale, but following the same business plan called the Built-to-Rent concept, AFI Europe paid Impetum Group around €12 million for the land and will develop the project itself.
“This transaction is fully in line with our strategy of diversifying our portfolio in Romania by increasing the residential component”, explained Doron Klein, CEO of AFI Europe Romania and Czech Republic, quoted by Ziarul Financiar.
The target audience: “young people, dynamic people and families who are looking for more mobility and flexibility in the process of selecting an apartment, carefully choosing the owner who can offer, in the same place, access to a number of attractive services and amenities for its tenants,” adds Doron Klein.