The total value of the assets is about 281 million euros, making it the largest deal ever in the retail sector of the Romanian real estate market, profit.ro reported.
The deal puts the branch of local Dutch company AFI Romania in second place among the largest owners of shopping centers in Romania, after NEPI Rockcastle and ahead of Iulian Daskelu Group from Iasi.
“Due to the flexibility of this format and its operational efficiency, retail parks have become a distinct and strategically important area in AFI’s long-term growth strategy. This transaction is a clear confirmation of our confidence in the Romanian market – it strengthens our presence in cities with high potential and adds an important dimension to a carefully constructed portfolio focused on creating long-term value. In parallel with this acquisition, we are continuing our local development plans with new office and residential projects,” said Doron Klein, Deputy CEO and General Manager of AFI Romania.
The transaction between AFI and MAS is expected to be completed no later than June 30, 2026 and is subject to the approval of the Romanian Competition Council and the Committee for Foreign Direct Investment in Romania. The purchase price for the shares and receivables of the special purpose companies managing the 6 shopping centers is EUR 197.7 million, corresponding to an asset value of EUR 281.8 million, net of bank loans secured by real estate valued at EUR 84.5 million, as well as working capital adjustments customary for transactions of this type. The transaction was brokered by real estate advisory firm IO Partners and Colliers.
What exactly is being sold
Specifically, the South African investor is selling its shopping centers in Ploiesti, Zaleu, Romana, Baia Mare, Sfintu Gheorghe and Byrlada.
The total area for lease in them is 125,500 square meters and the estimated value of the properties exceeds €310 million.
The shopping centers generate 22.7 million euros per year from renting out the space.
The shopping parks in Romana and Baja Mara have been expanded, with MAS owning only 40% of the expanded area.
After this transaction, two retail parks remain in MAS’ portfolio: Militari Shopping in Bucharest, the largest South African-owned shopping center, and DN1 Value Centre in Baloteşti.
Why these centers are being sold
MAS’ decision to sell the retail parks comes in the context that in early 2025, MAS sold all the shopping centers it owns in Romania to the British group M Core for €49 million. The package included 7 shopping centers in Focşani, Slobozia, Rymnicu-Sărata, Sebeş, Târgu-Secuiesca, Făgăraş and Gheorghieni.
MAS and its development partner Prime Kapital now own a real estate portfolio worth €1.5 billion in Romania, Bulgaria and Poland.
One of MAS’ major shareholders is Public Investment Corporation (PIC), Africa’s largest asset management company and one of the world’s largest, wholly owned by the South African government. PIC manages public funds, including public pension funds, invests in equities, real estate and private equity. Prime Kapital, in turn, was founded by Martin Slabert and Victor Semionov, who also founded NEPI Rockcastle.
Who is the buyer?
AFI, indirectly controlled by Big Shopping Center, entered the Romanian market in 2005 and today owns more than €1.66 billion in real estate assets.
The company developed and manages AFI Cotroceni, the largest shopping center in Romania, with a leasable area of almost 90,000 square meters and more than 300 stores; AFI Ploiești, with 34,000 square meters and more than 100 stores; and AFI Brașov, with 45,000 square meters.
In August 2020, AFI acquired Romanian office property portfolio NEPI Rockcastle for €307 million and is now the third largest owner of office buildings after Globalworth and Pavel Brothers.
In addition to the 4 office projects acquired from NEPI Rockcastle, AFI also owns two office buildings with a total area of 25,000 square meters in Brasov, AFI Park in Bucharest, consisting of 5 buildings with a total area of 70,000 square meters, and is developing AFI Tech Park, which will occupy an area of 56,000 square meters. The first two phases of the project have already been delivered.
AFI also realized the AFI City residential project in Bucharest, which includes 190 apartments and 228 parking spaces. This was AFI’s entry into the Romanian residential real estate market.
AFI is also renovating the former Bancorex headquarters in the center of Bucharest. Completion of the project cost more than 100 million euros, and delivery of the facility is scheduled for the first quarter of 2028. The investor expects to receive annual rental income of €9.3 million from this office building.
The indirect owner of AFI is Big Shopping Center, which in turn belongs to Israeli billionaires Roni and Yehuda Naftali, whose fortune, according to the American magazine Forbes, is estimated at $1.1 billion.
