AFI Romania reported 10 pc increase in NOI to over EUR 51 M last year

According to AFI Europe financial results for 2017, the Net Operating Income (NOI) from its income producing assets in Romania reached to over EUR 51 million in 2017, up by 10.1 percent year-on-year, as a press release informs.

 AFI Cotroceni shopping mall in Romania reported a NOI of over EUR 34 million representing a 2 percent increase compared to 2016 though taking into consideration the extensive expansion construction works that have been finalized only in Q4 of 2017. The number of visitors to AFI Cotroceni increased to 51,000 visitors per day. AFI Cotroceni retailer’s sales (Turn-Over) increased by 5 percent to RON 1.1 billion compared to 2016.

AFI Cotroceni was valued on September 30 at EUR 501 million, increased by more than 7 percent, and following the expansion to host the largest P&C in Romania (5,200 sqm) and the largest Zara shop in the CEE region (4,000 sqm) the mall’s GLA increased to 90,000 sqm of rentable areas.

AFI Ploiesti shopping center of 34,000 sqm GLA generated over EUR 5 million in NOI during 2017 while retailer’s sales (Turn-Over) rose by 18 percent to over to LEI 260 million compared to 2016. The number of visitors is over 15,000 shoppers per day and the occupancy rate of the shopping mall in Ploiesti remains steady at 99 percent.

Office Project AFI Park, 70,000 sqm GLA with a projected yearly income of EUR 13 million is leased 99.7 percent and the value of the 5 office buildings is EUR 165 million according to the valuation performed as of September 30, 2017.

The construction works on AFI Brasov are advancing according to the time schedule. Currently there are already signed agreements for 85 percent of the spaces in the mall. The mall will spread on an area of 45,000 sqm GLA and will include 200 shops and retail units. On top of the mall 2 class A office buildings shall be constructed totaling 25,000 sqm of GLA.

In addition in the office segment, construction works for AFI Tech Park in Bucharest are well advanced and the pre-lease is close to 40 percent. The first office building will open in Q2 2018, offering 20,000 sqm GLA office space and 2,000 sqm of retail area.

During the past 4 weeks AFI Europe Romania has launched the sales of its first residential project in Romania; AFI City, located in Bucurestii Noi. As phase I, two residential buildings consisting of 190 apartments, 16,000 sqm of built up area are planned to be developed.