AFI Europe acquires Casa Radio project from Plaza Centers: 60 million Euro for 75 percent

AFI Europe announces the signing of the sale-purchase pre-contract with Plaza Centers, for the acquisition of the 75 percent stake in the Casa Radio project, at a price of 60 million Euro. This contract represents the second stage of the acquisition process following the signing of the non-binding letter of intent by the two companies in February 2019.

At this time, AFI Europe carries out its diligence operations, which it will conclude in September 2019. With the successful completion of the diligence operations and the fulfillment of certain conditions, the two companies will advance to the final stage of the acquisition process.

Plaza Centers, which was a subsidiary of Israeli group Elbit until the end of 2018, reportedly invested 85 million Euro in demolishing part of the Casa Radio structure, plus design and foundation consolidation until 2010 when the project entered into preservation.

Plaza Centers is currently in the process of exiting the Romanian market, where it also owns several land plots for development, which it bought before the 2008 crisis.