AFI Romania’s net income in H1, over 13 pc higher y-o-y

Israeli group AFI Europe recorded a net operating income (NOI) of EUR 22.2 million after the first six months of 2016 from its income producing assets in Romania, representing 13.1 percent higher results compared to the first half of 2015, a press release informs on Tuesday.

“(…) Office buildings are close to 100 percent occupancy, the new projects AFI Palace Brasov consisting of a 45,000 sqm GLA shopping mall & 25,000 sqm GLA offices, AFI Tech Park office project in Bucharest of 50,000 sqm GLA and AFI City Residential Project in Bucurestii Noi are to commence construction. Following the 13 percent NOI, our long term strategy is to continue and achieve constant and steady growth in the NOI development. Including our pipeline projects, the portfolio in Romania will increase to 300,000 sqm of leasable areas”, David Hay, CEO AFI Europe Romania commented.AFI Palace Cotroceni, the largest Shopping Mall in Romania, generated a NOI of more than EUR 16.5 million in H1 2016, representing 8.6 percent higher results compared to H1 2015.

AFI Palace Cotroceni retailer’s sales (Turn-Over) increased by 14 percent in H1 2016 compared to the same period last year, resulting in more than EUR 112 million in the first 6 months of 2016. Footfall (visitors) to the mall increased by 5.5 percent and the occupancy rate is close to 99 percent.

AFI Palace Ploiesti results continue to show significant increase in all parameters. Retailer’s Sales (Turn-Over) rose by 19 percent in H1 2016 and the net operating income (NOI) increased by 8.1 percent, to more than EUR 2.2 mil, compared to the same period last year. Current occupancy rate of the shopping mall in Ploiesti is over 99 percent. AFI Palace Ploiesti is currently under expansion works in addition to introducing new important retailers such as Deichmann and Starbucks.

The office buildings AFI Park 1-5, following the completion of AFI Park 4&5, the financial results show an increase of 48 percent in H1 NOI to more than EUR 3.4 mil compared to last year. Occupancy rate in the first 3 office buildings is 100 percent and in AFI Park 4&5 it is over 70 percent.