Israeli’s AFI Europe recorded a NOI of over EUR 46 M in Romania in 2016

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The local subsidiary of Israeli’s AFI Europe posted a Net Operating Income (NOI) of more than EUR 46 million during 2016, up by 15.5 percent in year-on-year comparison, a press release informs. In Q4 2016 the NOI generated was EUR 12.5 mil, representing an increase of 23 percent compared to the same period of 2015.

“(…) We expect to start in the coming weeks our first residential project in Romania AFI City located on Bucurestii Noi Boulevard. We keep searching for new opportunities for shopping malls, commercial centers and office projects”, David Hay, CEO AFI Europe Romania, announced.

AFI Cotroceni, one of the most visited malls in Bucharest, posted a NOI of EUR 33.8 million in 2016, achieving 10 percent higher results compared to 2015. Since its opening year in 2009 AFI Cotroceni NOI increased by 46 percent over the years parallel to its value increasing by EUR 140 million.

Currently AFI Cotroceni is finalizing expansion works adding 6,500 sqm of GLA to the mall, which will host mainly the new fashion anchor Peek&Cloppenburg (P&C) entering the mall to open a 5,200 sqm shop following the lease agreement signed end of last year.

AFI Cotroceni retailer’s sales (Turn-Over) increased by over 9 percent compared to 2015, resulting in close to EUR 240 million in 2016. Footfall (visitors) to the mall increased by 4 percent and the occupancy rate is 99 percent for the currently 85,000 sqm GLA shopping mall (following expansions the mall will reach 90,000 sqm of GLA).

AFI Ploiesti results continue to show significant increase in all parameters. Retailer’s Sales (Turn-Over) rose by 15 percent in Q4 and during 2016. The NOI increased by 11 percent in Q4 and by 6 percent in 2016 reaching EUR 4.5 mil. Current occupancy rate of the shopping mall in Ploiesti remains steady at 99 percent. AFI Ploiesti has finalized expansion works including new shops of Deichmann and Starbucks that have been opened.

As regards AFI Park office project, 70,000 sqm GLA in AFI Park 1-5 are close to 100 percent occupancy rate. Amongst the multinational companies residing in the park are: Microchip Technologies, Electronic Arts (EA), Endava Romania, Cameron USA, SII Romania, ORTEC Central & Eastern Europe, FotoNation, TELUS International, Veeam Software and SecureWorks.

 

 

 

 

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