AFI Europe Posts EUR23.85M Rental Revenue From Romania In 2011

Realty developer AFI Europe collected EUR23.85 million last year from rents in the AFI Cotroceni mall in Bucharest, roughly similar with EUR23.7 million in 2010, according to the company’s financial report.

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 total, AFI Europe obtained EUR48.8 million from rents in the countries where it owns realty assets, namely the Czech Republic, Serbia, Romania and Bulgaria. In 2010, the overall rental revenue reached EUR47.5 million.

AFI Europe’s portfolio was evaluated at EUR1.1 billion at the end of 2011, of which EUR535.3 million is the value of properties held in Romania.

At the end of 2010, Romania assets had been evaluated at EUR536.8 million.

Aside from AFI  Cotroceni, the only realty project completed by the Israeli developer in Romania, the company holds plots in Bucharest, Ploiesti and Arad.

AFI Europe is part of the Africa Israel group, which is active in real estate development since 1997.