AFI Romania’s operating income, up by 12 pc in Q1

AFI Europe’s Net Operating Income (NOI) in Romania reached EUR 13.6 million during Q1 2018, representing 12 percent higher results compared to Q1 2017, according to the financial report.

“Q1 2018 has once again shown continuous growth, in all parameters. (…) Our overall occupancy in the income producing assets is 99 percent. In addition, we have 3 diversified ongoing projects under construction; AFI Brasov mall & offices, AFI Tech Park offices which are close to 40 percent pre-leased and AFI City Residential,” says David Hay, CEO AFI Europe Romania.

At the same time, AFI Cotroceni reported a NOI of over EUR 9 million in the first three months representing an 8 percent increase compared to Q1 2017. The number of visitors to the shopping mall I Bucharest increased to 56,000 visitors per day during Q1, a 13 percent increase compared to Q1 2017, resulting mainly from the expansion of the Zara shop to a 4,000 sqm store and Peek & Cloppenburg which opened end of last year. Consequently, AFI Cotroceni retailer’s sales (Turn-Over) increased as well by 6 percent compared to Q1 2017.

AFI Cotroceni was valued last year at EUR 501 million.

AFI Ploiesti shopping mall of 34,000 sqm GLA retailer’s sales (Turn-Over) rose by 11 percent to over RON 65 million compared to Q1 of 2017. 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. Due to the good results an additional expansion is currently planned for the shopping mall in Ploiesti.

Office Project AFI Park, 70,000 sqm GLA with a projected yearly income of EUR 13 million is leased 99 percent and the value of the 5 office buildings is EUR 165 million according to the valuation performed in 2017.