Israeli group AFI Europe recorded a net operating income of more than EUR 40 million in 2015 on the local market, from its income producing assets in Romania, representing 8 percent higher results compared to the same periods in 2014, a press release informs.
“The good financial results coupled with positive microeconomic numbers of Romania encourage us to start more projects as the new shopping mall to be developed in Brasov (45,000 sqm GLA) and the Office Park to be developed on Progresului Boulevard in Bucharest (50,000 sqm GLA), both are planned to commence construction this year”, David Hay, CEO AFI Europe Romania stated.
AFI Palace Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a net operating income of close to EUR 8 million in Q4 2015, and close to EUR 31 million in 2015, representing over 3 percent higher results compared to 2014.
The retailer’s sales excluding the hypermarket increased by 9.3 percent in Q4 and by 8 percent in 2015, compared to the same periods in 2014.
AFI Palace Ploiesti shopping mall net operating income resulted in more than EUR 4 million in 2015 representing close to 6 percent increase compared to the same period of the previous year. AFI Palace Ploiesti results show significant increase in retailer’s turnover by 24 percent in Q4, 2015 and by 23 percent in 2015, compared to the same periods in 2014. Current occupancy rate of the shopping mall in Ploiesti is over 99 percent.
Following the completion of AFI Park 4&5 the portfolio in Romania increased to 180,000 sqm of leasable areas. AFI Palace Cotroceni has completed during 2015 two expansions while additional expansions in Cotroceni and Ploiesti shopping malls are planned for 2016.