Visibly driven by the sluggishness of activity in its main markets (commercial and office), AFI Europe Romania has bought just over one hectare of land in the overcrowded Pipera district in the north of Bucharest, where it plans to build 450 apartments and rent them out.
This is a proven recipe for success, tested for decades by Romanians who used their savings to buy apartments in order to earn a slightly better return against dismal bank deposit interest rates (sometimes very negative, such as today).
On a larger scale, but following the same business plan labeled as a Built-to-Rent concept, AFI Europe has paid Impetum Group some 12 million euros 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,” said Doron Klein, CEO of AFI Europe Romania and Czech Republic, quoted by Ziarul Financiar.
The target market: “young people, dynamic people and families looking for more mobility and flexibility in the process of selecting an apartment, carefully choosing the owner who can offer, in the same place, the access to a number of attractive services and equipment for its tenants, ”adds Doron Klein.