AFI Europe Posts EUR28.7M Income From AFI Cotroceni In 2013

Real estate developer AFI Europe Wednesday reported net operating income of EUR28.7 million in 2013 from AFI Cotroceni mall in Bucharest, up 6.5% on the year, while tenants’ sales rose 4.3% (in euro terms) to EUR204.4 million, according to company data.

In 2012, the sales of AFI  Cotroceni’s retailers rose 14% in Romanian lei (9% in euro terms) to EUR196 million.

AFI Cotroceni, the company’s largest and most important asset, has among its tenants well-known retailers like Real, Inditex, H&M, C&A sau Cinema City. The shopping center was evaluated at EUR375 million at the end of September 2013.

In 2013, AFI Europe inaugurated shopping center AFI Ploiesti evaluated at EUR58 million.

On the office space segment, AFI Europe is developing office project AFI Park, located near the AFI Cotroceni shopping mall. The first two buildings are entirely rented. The first one was completed in 2013 and the second one is due to be delivered in April 2014.

AFI Europe plans to start in 2014 the construction of AFI Park 4 and AFI Park 5, with a leasable area of 30,000 sqm. The project will be delivered in the last quarter of 2015.

AFI Europe has been operating in Romania since 2005 and also owns land plots in Arad and Bucharest, where it plans to develop office, retail and residential projects.