AFI Europe Romania has concluded the first quarter of this year with improved and increased results in all parameters. The Romanian portfolio of Israeli AFI Europe recorded a Net Operating Income (NOI) of EUR 10.8 million, from its income producing assets on domestic market during the first three months of the year, up by 12.2 percent compared to Q1 2015, according to the financial results of the group.
“Achieving 12.2 percent higher NOI then Q1 last year was not an easy task, but we manage to improve results quarter after quarter, year after year. In addition to the new projects we are now expanding both shopping malls (Cotroceni & Ploiesti) bringing new top European Brands, further strengthening the tenant mix. Following the completion of AFI Park 4&5 the portfolio in Romania increased to 180,000 sqm of leasable areas”, David Hay, CEO AFI Europe Romania commented in a press release on Monday.
AFI Palace Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a NOI of more than EUR 8 million in Q1 2016, representing 9.6 percent higher results compared to Q1 2015.
AFI Palace Cotroceni retailer’s turnover increased by 14 percent in Q1 resulting in more than EUR 55 million in the first 3 months of 2016.
At the same time, according to the quoted source, AFI Palace Ploiesti results continue to show significant increase in all parameters. Retailer’s sales rose by 23 percent in Q1 2016 and the NOI increased by 4.6 percent compared to Q1 2015. Current occupancy rate of the shopping mall in Ploiesti is over 99 percent.
AFI Park 1-3 office buildings financial results show an increase of 33 percent in Q1 NOI compared to last year. Occupancy rate in the first 3 office buildings is 100 percent.
“The shopping malls performance is outstanding, office buildings AFI Park 1-3 are 100 percent occupied, AFI Park 4&5 close to 70 percent occupancy, new projects as the Mixed Use project AFI Palace Brasov consisting of a 45,000 sqm GLA shopping mall and 25,000 sqm GLA offices, AFI Tech Park office project in Bucharest of 50,000 sqm GLA and AFI City in Bucharesti Noi are underway,” Hay concluded.