Part of the former Bancorex headquarters building is being demolished

Part of the former Bancorex headquarters building is being demolished. AFI bought the former Bancorex headquarters from Immofinanz, part of CPI Property Group, last year. The Israelis spent 27.5 million euros on the building and have approved renovation plans.

The construction works were authorized by the former mayor, Nicușor Dan, and the partial demolition began in September. Upon completion, the building will have over 29,000 sqm. The estimated costs for completion are EUR 68.9 million, excluding the acquisition cost. In total, the building will exceed the value of EUR 100 million.

The modernization works are estimated to be completed in 2028, and the annual rent generated by AFI Central Tower will be EUR 9.3 million.

Source: economica.net