AFI Europe Romania posted a Net Operating Income (NOI) of over EUR 37 million in the first nine months of the year, representing respectively 10.4 percent higher results compared to the same period in 2016, a press release informs.
“The favorable economic context and the continuous development of key sectors such as IT&C make Romania a very attractive destination for AFI’s real estate investments. Our portfolio value in Romania increased by 7.5 percent and reached EUR 735 million from existing assets and we have 3 diversified ongoing projects under construction the AFI Brasov mall & offices, AFI Tech Park offices and AFI City Residential complex. We continue to maintain our interest for new opportunities, whether developments of new shopping centers or office projects,” says David Hay, CEO AFI Europe Romania.
The value of the existing income producing assets AFI Cotroceni, AFI Ploiesti and the 5 office buildings of AFI Park increased by 7.5 percent to EUR 735 million according to the valuation performed as of September 30, 2017.
Office Project AFI Park, 70,000 sqm GLA with a projected yearly income of EUR 13 million is close to 100 percent occupancy rate, and the value of the 5 office buildings is EUR 165 million according to the valuation performed as of September 30, 2017.
The construction works on AFI Brasov are advancing according to the time schedule announced with an estimated delivery date of the project in the first quarter of 2019. Currently AFI Brasov shopping mall is 50 percent Pre-Leased and additional 30 percent under signing process. The mall will spread on an area of 45,000 sqm GLA and will include 200 shops and retail units.
AFI Europe Romania commenced the leasing campaign in the office project AFI Park Brasov and is in advanced negotiations with two companies located in Brasov for the leasing of the first 4,000 sqm in the first office building. AFI Park Brasov will be integrated into the AFI Brasov shopping center and will comprise of two Class A office towers totaling 25,000 sqm GLA.
In addition on the office segment, construction works for AFI Tech Park in Bucharest are well advanced, currently completing the skeleton structure works and the first office building will open in Q2 2018, offering 20,000 sqm GLA office space and 2,000 sqm of retail area (fitness club canteen and coffee shops), efficiently spread over 8 above ground floors serviced by two underground parking levels. AFI Tech Park is Pre-Certified LEED Platinum.
AFI Europe Romania is currently preparing to launch its first residential project in Romania: AFI City, located in Bucurestii Noi. As phase I, two residential buildings consisting of 190 apartments, 16,000 sqm of built up area are planned to be developed.