Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) unit AFI-Europe reported significant progress today ahead of the September launch of its flagship project in Romania, the AFI Palace Cotroceni.
The mall includes 76,000 square meters of gross leasable area, and 2,500 parking spaces. AFI Europe plans for the mall include family recreation centers and Romania's only IMAX, complemented by a multi screen cinema complex.
Future stages of the project include 4 office buildings and a hotel, on additional gross leasable area of 60,000 square meters. The overall project is expected to cover over 100,000 square meters of gross leasable area.
The mall, which is expected to open later in 2009, is expected to yield additional income to the company of tens of millions of euros. The company has currently leased 90% of the commercial space, and expects to complete the leasing soon.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2009
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