AFI Europe has secured a €220 mln loan from a consortium of banks including Deutsche Pfandbriefbank, Erste Group and Raiffeisen Bank, for the refinancing of its AFI Palace Cotroceni shopping centre in Bucharest, Romania.

AFI Europe has secured a €220 mln loan from a consortium of banks including Deutsche Pfandbriefbank, Erste Group and Raiffeisen Bank, for the refinancing of its AFI Palace Cotroceni shopping centre in Bucharest, Romania.

'The process has been extremely challenging given the amount of the loan, the participation of three major banks and the fact that it was for a project in Romania,' commented David Hay, CEO of AFI Europe Romania.

AFI Palace Cotroceni was inaugurated in November 2009 and provides 81,000 m2 of retail space. The scheme, which was last valued at €375 mln, is currently 98% leased.

Its net operating income amounted to €7.3 mln in the first quarter of 2014, up 6.7% on the same period a year earlier. Based on Q1 results, NOI is expected to exceed €29 mln in 2014.

Law firm Dentons represented AFI Europe on the deal while CMS Cameron McKenna acted for the banking consortium.