AFI Europe Romania posted a net income of EUR 30 M at end-September. Israeli real estate developer is preparing to build a new mall in Romania

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AFI Europe Romania recorded a net operating income of EUR 10.2 million in Q3 and close to EUR 30 million in the first 9 months of 2015, representing 8.2 percent higher results compared to the same periods in 2014, a press release informs.

Total value of the completed projects, shopping malls AFI Palace Cotroceni, AFI Palace Ploiesti and the first three office buildings of AFI Park, increased to close to EUR 600 million, as of September 30, 2015.

“(…) Currently the portfolio in Romania consists of 150,000 sqm of leasable areas with an average occupancy rate in all income producing assets of over 98 percent. Additional 32,000 sqm of GLA are to be added to the portfolio upon the completion of AFI Park 4&5 in January 2016. The good financial results coupled with positive microeconomic numbers of Romania encourage us to start more projects during next year such 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), which are planned to commence construction in 2016”, David Hay, CEO AFI Europe Romania commented.

AFI Palace Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a net operating income of EUR 7.7 million in Q3 2015, representing 3.3 percent higher results than 2014 and EUR 23 million in the first 9 months of 2015, representing 4 percent higher results compared to the same period in 2014.

The shopping mall was valued as of September 30, 2015 at EUR 434 million, representing an increase of 8.2 percent compared to last year.

AFI Palace Cotroceni retailer’s sales (Turn-Over) excluding the hypermarket increased by 7.3 percent in Q3 and by 7.4 percent in the first 9 months of 2015, compared to the same periods in 2014.

AFI Palace Ploiesti shopping mall net operating income resulted in EUR 3.2 million for the first 9 months of 2015 representing a 7 percent increase compared to the same period last year.

AFI Palace Ploiesti results show significant increase in retailer’s sales which was increased in Q3, 2015 by 28 percent and by 23 percent in the first 9 months of 2015, compared to the same periods in 2014. Current occupancy rate of the shopping mall in Ploiesti exceeds 99 percent.

AFI Palace Ploiesti was valued at EUR 67.7 million as of September 30, 2015, as opposed to EUR 66 million last year.

 

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