Israeli’s AFI Europe posts an increase of almost 13 pc in net income this Q1 in Romania

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AFI Europe registered in Q1 2017 a net operating income (NOI) of EUR 12.2 million in Romania; representing an increase of 12.7 percent compared to the same period in 2016, as a press release informs.

“The excellent financial results and the continuous improvement in the Romanian economy gives us the opportunity to continue and expand our existing projects and to invest in new developments such as the 60,000 sqm City Center AFI Brasov shopping mall and office towers development, the 56,000 sqm AFI Tech Park – Class A office buildings on Progresului boulevard in Bucharest and our first residential project in Romania AFI City located in Bucurestii Noi. In parallel, we keep searching for new development opportunities of shopping malls, commercial centers and office projects”, David Hay, CEO AFI Europe Romania commented.

Thus, AFI Cotroceni generated a NOI of EUR 8.3 million in Q1, representing 2.4 percent higher results in year-on-year comparison.

Currently, AFI Cotroceni is finalizing expansion works adding 6,500 sqm of GLA, out of which most of it is already leased to Peek&Cloppenburg that will open a 5,200 sqm shop. Following the current expansions AFI Cotroceni will reach close to 90,000 sqm of leasable areas (GLA).

AFI Cotroceni retailer’s sales amounted to over EUR 54 million for the first 3 months of the year and footfall (visitors) to the mall summed up to an average of 50,000 visitors per day, both indicators remained stable compared to Q1 2016.

Shopping Mall AFI Ploiesti results continue to increase in all parameters. Retailer’s turnover rose by 12 percent in Q1, visitors to the mall increased by 7 percent and the NOI increased by 16 percent to over EUR 1.2 million for the first 3 months of the year compared to the same period of 2016. Current occupancy rate of the shopping mall in Ploiesti is 99 percent.

AFI Park, the 70,000 sqm GLA of Class A office buildings, developed adjacent to AFI Cotroceni mall are close to 100 percent occupancy rate.

 

 

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