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AFI Palace Cotroceni, valued for more than EUR 400 M

The Net Operating Income of the AFI Europe portfolio in Romania increased to more than EUR 27 M in the first 9 months of 2014.

 

AFI Palace Cotroceni shopping mall in Bucharest was valued as of September 30, 2014 at EUR 401 million, representing an increase of 7 percent compared to last year.

According to a press release, the shopping mall’s net operating income (NOI) totaled EUR 7.4 million for Q3 and a total of EUR 22 million for the first 9 months of 2014, representing an increase of 4 percent compared to the same periods in 2013. Based on first 9 months results, NOI for 2014 is assumed to total close to EUR 30 million.

AFI’s retailer’s sales excluding the hypermarket increased by 4.3 percent in Q3, 2014 and a total increase of 3.7 percent during the first 9 months of 2014 compared to the same periods last year. In addition, AFI Palace Cotroceni showed stable results in shoppers’ footfall (visitors to the mall) with an average of 52,000 visitors per day during the first 9 months of 2014 and prior to the 4th quarter footfall results. Current occupancy rate is over 98 percent.

AFI Palace Ploiesti was valued at EUR 66 million as of September 30, 2014, as opposed to EUR 56.5 last year. AFI Palace Ploiesti shoppers’ footfall remains stable at 15,000 visitors per day. Current occupancy of the shopping mall in Ploiesti remains 99 percent.

“AFI Europe Romania is continuing to show improvement in the financial results. The value of our income generating assets, projects under construction and lands bank has grown significantly to EUR 670 million with an average occupancy rate in the income generating assets of 98 percent and a NOI of more than EUR 27 million for the first nine months of 2014. We plan to continue this momentum of development with new office buildings and new shopping malls to be developed in the near future” said David Hay, CEO AFI Europe Romania.

On the office segment, AFI Park 1 was valued at EUR 28 million, AFI Park 2 was valued at EUR 27.5 million.

Currently 3 buildings are under construction including AFI Park 3 which is planned to be completed and handed over to its tenants in December 2014 and AFI 4&5 which are planned to be completed in Q4, 2015.

 

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