AFI Europe profit in Romania, up by 20 pc in 2014

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AFI Europe Romania has concluded 2014 with great operational and financial results. The NOI (net operating income) of company’s income generating assets in Romania grew by 20 percent to more than EUR 37 million and the projects and land bank are valued at EUR 670 million with an average occupancy rate of 98 percent, according to a press release.

„We plan to continue this momentum of development with new quality office buildings and new shopping malls currently planned to be developed in Bucharest and outside of the capital,” David Hay, CEO AFI Europe Romania said.

As regards AFI Palace Cotroceni shopping mall in Bucharest, the company’s largest and most important asset, summarizes 2014 with record results generating a total income of EUR 37.5 million out of which approximately EUR 30 million is the NOI) representing 4 percent higher results than 2013. The shopping mall’s net operating income for Q4 2014 totaled EUR 7.7 million compared to EUR 7.5 million in Q4 2013.

The shopping mall is valued as of September 30, 2014 at EUR 401 million, representing an increase of 7 percent compared to 2013. AFI’s retailer’s turnover excluding the hypermarket increased by 9 percent in Q4, and a total increase of 5 percent during 2014, compared to the same periods of 2013. AFI Palace Cotroceni showed stable results in shoppers’ footfall (visitors to the mall) with an average of 52,000 visitors per day. Current occupancy rate is over 98 percent.

As for AFI Palace Ploiesti NOI resulted in more than EUR 4 million for 2014 and is valued at EUR 66 million as of September 30, 2014, as opposed to EUR 56.5 million registered in 2013. AFI Palace Ploiesti shoppers’ footfall (visitors to the mall) remains stable at 15,000 visitors per day. Current occupancy of the shopping mall in Ploiesti is 99 percent, company’s data show.

On the office segment, AFI Park 3 was delivered at the end of the year while the first 2 office buildings in AFI Park (AFI Park 1, AFI Park 2) generated more than EUR 3.5 million of NOI. Currently AFI Park 4 & 5, office buildings of 32,000 sqm of GLA, are under construction and are planned to be completed in Q4 2015.

 

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