AFI România has confirmed the acquisition of six shopping malls from MAS, propelling the company to become the second-largest commercial property owner in Romania. This deal positions AFI just behind NEPI Rockcastle, surpassing Iulian Dascălu’s group. The acquisition represents a significant milestone in Romania’s retail landscape.
Details of the Transaction
The transaction, valued at €197.7 million, involves the purchase of shares and receivables from special purpose vehicles managing the shopping centers. This amount reflects the assets’ value of €281.8 million, minus estimated bank loans of €84.5 million secured against the properties.
The deal is conditioned upon receiving approvals from Romania’s Competition Council and the Committee for Foreign Direct Investments, with the finalization expected by June 30, 2026. IO Partners, a real estate consultancy firm, is facilitating the transaction.
Shopping Centers Included
- Ploiești
- Zalău
- Roman
- Baia Mare
- Sfântu Gheorghe
- Bârlad
These centers encompass a total rental area of 125,500 square meters and are valued at over €310 million. They generate annual rental income of approximately €22.7 million. Notably, the malls in Roman and Baia Mare have each undergone expansions, with MAS retaining a 40% stake in these developments.
Background of MAS
MAS’s decision to sell these retail parks is part of a larger strategy. Earlier, in early 2025, MAS sold its strip malls in Romania to the British group M Core for €49 million. This package included seven centers across various cities.
Despite this sale, MAS still maintains two retail parks in Romania: Militari Shopping in Bucharest and DN1 Value Centre in Balotești. Alongside these, they also manage shopping center types.
About AFI Romania
AFI, indirectly controlled by Big Shopping Center, entered the Romanian market in 2005. The company has built a portfolio of real estate assets exceeding €1.66 billion. Notable projects include:
- AFI Cotroceni: Romania’s largest mall, with nearly 90,000 square meters and over 300 stores.
- AFI Ploiești: A mall covering 34,000 square meters with more than 100 retail outlets.
- AFI Brașov: Spanning 45,000 square meters.
In 2020, AFI acquired NEPI Rockcastle’s office portfolio for €307 million, solidifying its position as the third-largest office space owner in Romania.
Future Developments
In addition to their retail and office projects, AFI is also developing AFI Tech Park, which will feature 56,000 square meters of space. The first two phases of this development have already been delivered. Furthermore, AFI is renovating the former Bancorex headquarters in central Bucharest, with an estimated cost exceeding €100 million and expected completion in early 2028.
This strategic approach marks a significant expansion for AFI Romania, as it continues to enhance its foothold in the competitive Romanian real estate market.
