AFI Palace Cotroceni rental income falls
AFI Europe saw its rental income fall 8 percent in the first quarter of 2011, compared with the same period last year. It collected just €5.8m in the first three months of the year compared with €6.2m last year. The company is gearing up to develop another shopping center on land it bought from Laromet in 2007. AFI Europe agreed to pay €78m in all for 156,000 sqm plot (€500 per sqm), but it apparently took threats of execution by the vendor before final payment was made.
UMB Spedition will build Radauti ring road for €82m
UMB Spedition is to build a 16 km ring road around the northern Romanian village of Radauti within 36 months. The builder, which is controlled by Dorinel Umbrarescu, signed the €82m contract for this key infrastructure project in Suceava with the Regional Direction president. The company will also be modernizing the road from Suceava to Botosani.