AFI Europe Romania has published its Q1 2015 financial results, generating a Net Operating Income (NOI) of close to EUR 9 million, representing 8.1% higher results than Q1 2014. The increase was mostly generated by the two new office buildings AFI Park 2 and AFI Park 3.
AFI Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset generated in Q1 2015 a Net Operating Income (NOI) of EUR 7.4 million, representing 1.3% higher results than Q1 2014.
The shopping mall is valued as of September 30, 2014 at EUR 401 million.
AFI’s retailer’s sales (Turn-Over) excluding the hypermarket increased by 9.3% in Q1, compared to the same period of 2014. Occupancy rate of AFI Cotroceni increased to 99%.
AFI Ploiesti mall’s net operating income (NOI) resulted in more than EUR 1 million for Q1 2015 and retailer’s sales (Turn-Over) increased by 21.7%, compared to the same period of 2014.Current occupancy of the shopping mall in Ploiesti is 99%.
“AFI Europe Romania has concluded Q1 with excellent operational and financial results. The NOI (Net Operating Income) of our income generating assets in Romania grew by 8% with an average occupancy rate of 98%. The new office buildings AFI Park 2 and AFI Park 3 have contributed to the company’s NOI, as AFI Park 4&5 will upon completion at the end of the year. In addition, new projects such as AFI Business Park, located on Progresului Boulevard and the Mix Use Project in Bucurestii Noi are planned to commence construction”, said David Hay, CEO AFI Europe Romania.
Currently, “AFI Park 4&5” office buildings of 32,000 sqm of GLA, are under construction and are planned to be completed in Q4 2015.
AFI Properties results:
“AFI Properties“, the parent company of “AFI Europe“, has published today its Q1 2015 financial reports, registering a sharp increase in profit of 126% (in ISR currency), resulting close to EUR 12 million in Q1. AFI Properties also announced a net operating income (NOI) of EUR 20 million for Q1 2015 representing an increase of 9% (in EUR currency) in comparison to the same period last year.
The financial results were influenced by currency exchange rates between EUR-ISR and by the sale of AFI Pardubice that generated, until it was sold in Q4 last year, EUR 1.4 mil per quarter.
About AFI Properties
AFI Properties is a member of AFI Group, an international holdings and investments conglomerate with subsidiaries that engage in real estate, construction, infrastructure, industry and hotels (www.afigroup-global.com).
The company is active in the income producing and development property market since 1971. AFI Properties has been listed on the Tel-Aviv stock exchange in 2004. The company has been active in Europe since 1997 through its subsidiary AFI Europe mainly in the CEE markets. AFI Properties is ranked “BBB+ positive” by S&P and “A3 stable” by Midroog (a subsidiary of Moody’s).
About AFI Europe
AFI Europe is a subsidiary of AFI Properties is one of the leading real estate development, management and investment companies, which is operating in Central and Eastern Europe since 1997 and is focusing on the development of large-scale commercial, residential and mixed use projects.
AFI Europe’s diversified portfolio consists of shopping malls and retail properties, business parks and large-scale residential and mixed-use developments. AFI Europe operates in Romania, Czech Republic, Poland, Germany, Bulgaria, Serbia, Hungary and Latvia.
About AFI Europe Romania:
AFI Europe operates in Romania since 2005. The company has developed and is managing “AFI Cotroceni”, the biggest and most dominant shopping mall in Romania and among the biggest shopping malls in the CEE region. The project spreads over a leasable area of more than 81,000 sqm and offers to its visitors a large entertainment area with multiple leisure options and a variety of over 300 shops of local and international brands, visited by 52,000 customers per day.
In October 2013 AFI Europe inaugurated AFI Ploiesti, the first and only modern shopping mall developed in the city centre of Ploiesti, following an investment of over EUR 50 million. The shopping mall offers a total gross leasable area (GLA) of 33,000 square meters spreading over two retail floors occupied by 100 national and international brands, including more than 7,000 sqm of entertainment.
Adjacent but fully integrated into AFI Cotroceni shopping mall, AFI Europe Romania is currently developing AFI Park, Bucharest’s newest and most advanced Class A business Park, which has achieved 100% occupancy rate of its office spaces. AFI Park offers more than 70,000 of office leasable area, currently targeted by multinational IT&C corporations. The first office building “AFI Park 1“, with 12,250 sqm of leasable area, is 100% leased. In April 2014 AFI Europe inaugurated “AFI Park 2” with 12,200 sqm of GLA and has is 100% leased, while “AFI Park 3“, delivered in December 2014, is leased to Endava Romania and TELUS International Europe. In April 2014 AFI Europe Romania has also commenced construction of AFI Park 4 & 5 office building that will offer additional 32,000 sqm of gross leasable area to the project and is planned to be delivered in Q4 2015.
In addition, AFI Europe Romania has two mix use projects to be developed in the near future on the company’s 80,000 sqm land plot in Arad and 148,000 sqm land plot in Bucurestii Noi district 1 of Bucharest.
In the office segment, AFI will develop AFI Business Park Bucharest, a 50,000 sqm of GLA class A business park to be located in close proximity to the J.W. Marriott hotel and the Romanian Parliament in Bucharest’s district 5. The business park will comprise of 2 low rise office buildings and one office tower, with ample green areas, a high tech/campus style environment in an urban complex with a central plaza & gardens.