AFI Europe posted an increased NOI of EUR 25 M in H1 in Romania

AFI Europe Romania recorded a Net Operating Income (NOI) from its income producing assets in Romania of EUR 12.5 million in Q2 and close to EUR 25 million in H1, representing respectively 10.4 percent and 11.5 percent higher results compared to the same periods in 2016, as a press release informs.

The number of visitors in AFI Cotroceni, the dominant Shopping Mall in Romania, was increased in Q2 2017 by 4 percent compared with the same period in 2016 and amounted to 50,000 shoppers daily in the mall. AFI Cotroceni turnover increased by 2 percent compared to Q2 2016.

“The current growth of the Romanian economy and the good financial results registered by our company encourages us to continue and search for new opportunities and investments. We are currently under construction of 170,000 sqm out of which 45,000 sqm shopping mall GLA and of 37,000 GLA offices and preparing to launch the AFI City residential project, all in parallel of AFI Cotroceni and AFI Ploiesti expansions and tenant mix changes”, David Hay, CEO AFI Europe Romania commented.

Peek&Cloppenburg (P&C) will open a 5,200 sqm shop in AFI Cotroceni located in the new expansion of 6,500 sqm of GLA. Following the current expansions AFI Cotroceni will reach 90,000 sqm of leasable areas (GLA).

AFI Ploiesti Shopping Mall results continue to increase in all parameters. Retailer’s sales rose by 19 percent in Q2 and 16 percent for the first 6 months of the year, compared to the same periods in 2016. In addition the daily number of visitors to the mall resulted in over 15,000 shoppers per day. The occupancy rate of the shopping mall in Ploiesti remains steady at 99 percent.

Construction works for AFI Brasov, the third shopping center of AFI Romania, have advanced, and currently 80 percent of the spaces are already assigned. The shopping center is located in the heart of the city center and will offer a total gross leasable area of 45,000 sqm (160,000 GBA) that will be combined with additional 2 “Class A” office towers totalling 25,000 sqm GLA. The overall investment for the mall and first office building is estimated to be over EUR 120 million. The entire project is developed to be LEED Gold certified as “green” building.

On the office segment, construction works on AFI TECH PARK are well advanced, currently casting the 4th floor of phase one consisting of 22,000 sqm GLA, that will be delivered in Q2 2018.

AFI Park, the 70,000 sqm GLA of Class A office buildings developed adjacent to AFI Cotroceni mall are close to 100 percent occupancy rate with a projected yearly income of EUR 13 million.