The properties of Austrian commercial real estate company Immofinanz in Romania represent 15.6 percent of the company’s total portfolio, including 73 properties (17 standing investments, 11 developments and 45 pipeline projects), according to the first three quarters of the 2015-2016 financial year data, a press release informs.
Carrying amount stood to EUR 907.7 million (EUR 647.8 million standing, EUR 30.2 million developments, EUR 229.6 million pipeline).
The expected fair value after completion of the current Group’s development projects in Romania amounts to EUR 117.7 million.
For the quoted period, rental income in Romania presents itself stable and totals EUR 34 million, which accounts for 14.3 percent of the Group’s total rental income.
At Group level, Immofinanz ’s like-for-like rental income (i.e. adjusted for new acquisitions, completions and sales) rose slightly by 1.5 percent over the previous quarter to EUR 73.9 million in the third quarter of 2015-2016. This increase was supported, above all, by higher occupancy in the Romanian shopping centers.