AFI Europe wants to build 3000 apartments in the Czech Republic within five years

Prague - The company AFI Europe CR, part of the Africa Israeli Investment group, plans to build 3,000 apartments in Prague over the next five years. The investment will reach nearly 320 million euros (9.16 billion crowns). The company is also considering entering the Prague stock exchange, as reported today by Czech Business Weekly Online, citing the company's CEO David Halfi.
The parent company of AFI Europe is a division of the Israeli real estate group Africa Israeli Investment. The Czech plans are part of its aggressive European expansion. AFI Europe currently has branches and projects in Serbia, Romania, Bulgaria, Latvia, Poland, and Germany.
Halfi said that AFI Europe Czech Republic is looking for further acquisitions. In addition to residential construction, the company has retail, office, and logistics projects. To finance its expansion, the company intends to list its shares on the London stock exchange at the end of this year or the beginning of next year. Halfi added that he could not specify when the shares of the Czech branch would go public in Prague. A firm decision on this matter has not yet been made.
Halfi emphasized that AFI Europe has significantly expanded in the last 12 months. At the end of last year, it had a market value of around 300 million euros and today it has nearly one billion euros thanks to acquisitions and expansion into new markets.
The largest upcoming project of AFI Europe Czech Republic is Tulipa City in Prague's Vysočany with two thousand apartments. The company has four other projects under construction and will start three more in the coming years. Halfi also mentioned that AFI Europe Czech Republic wants to expand further into the regions and is considering extending its activities to Slovakia.
The company has been in the Czech market since 1997, CBW reminded. Among the already completed projects of AFI Europe in the Czech Republic are Palác Flóra, the residential complex Korunní dvůr, and the Business Center Evropská.