AFI Europe to partially demolish former Bancorex headquarters in Bucharest

AFI Europe, which acquired the former Bancorex headquarters from Immofinanz (part of CPI Property Group) in August for EUR 27.5 million, has announced plans to partially demolish and renovate the iconic building. The project marks a significant transformation for what is considered the first modern office building in Bucharest.

The property spans 31,000 square meters, but following redevelopment, the usable area will be reduced to approximately 26,000 square meters, encompassing both office and commercial space. “The building is slated for partial demolition and redevelopment, with all necessary planning permits already secured. Construction is expected to commence in early 2025,” the company confirmed in a statement.

The planning authorization for the project is valid for 24 months, with the construction phase estimated to take 36 months. Upon completion, the project will revitalize a historic part of Bucharest’s commercial landscape while adapting it to modern standards.