AFI Collects EUR19.1M In Rents From AFI Cotroceni In First 9 Months

Real estate developer AFI Europe, the owner of the AFI  Cotroceni Bucharest, collected EUR19.1 million from rents in the mall in January to September, up 10% from EUR17.37 million during the same period a year before.

AFI Cotroceni Bucharest was evaluated at EUR365 million end-September, AFI said in its financial report.

Total revenues, including services, stood at EUR25.4 million in January to September 2012, compared with EUR23.26 million in the same period of 2011.

The mall has a rentable surface of 76,000 square meters and it was launched late 2009, following an investment of more than EUR300 million.

In 2012, AFI Europe completed the first office building of a compound of five dwellings. AFI Park 1, with a rentable surface of 11,813 square meters, was evaluated at EUR24.06 million, according to realty consultancy company DTZ.

In total, AFI Europe obtained EUR57.8 million from rents in the countries where it owns realty assets, namely the Czech Republic, Serbia, Romania and Bulgaria. In 2011, the overall rental revenue reached EUR74.3 million.

AFI Europe is part of the Africa Israel group, which is active in real estate development since 1997. In Romania, the Israeli developer holds plots in Bucharest, Ploiesti and Arad.