AFI Europe Romania published its Q1 2016 financial results, generating a Net Operating Income (NOI) of EUR 10.8 million, from its income producing assets in Romania during the first 3 months of the year, representing 12.2% higher results compared to Q1 2015.
AFI Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a Net Operating Income (NOI) of more than EUR 8 million in Q1 2016, representing 9.6% higher results compared to Q1 2015.
AFI Cotroceni retailer’s sales (Turn-Over) increased by 14% in Q1 resulting in more than EUR 55 million in the first 3 months of 2016.
AFI Ploiesti results continue to show significant increase in all parameters. Retailer’s sales (Turn-Over) rose by 23% in Q1 2016 and the net operating income (NOI) increased by 4.6% compared to Q1 2015. Current occupancy rate of the shopping mall in Ploiesti is over 99%.
AFI Park 1-3 office buildings financial results show an increase of 33% in Q1 NOI compared to last year. Occupancy rate in the first 3 office buildings is 100%.
“AFI Europe Romania has concluded the first quarter of this year with improved and increased results in all parameters. The shopping malls performance is outstanding, office buildings AFI Park 1-3 are 100% occupied, AFI Park 4&5 close to 70% occupancy, new projects as the Mixed Use project AFI Brasov consisting of a 45,000 sqm GLA shopping mall and 25,000 sqm GLA offices, AFI Tech Park office project in Bucharest of 50,000 sqm GLA and AFI City in Bucharesti Noi are underway. Achieving 12.2% higher NOI then Q1 last year was not an easy task, but we manage to improve results quarter after quarter, year after year. In addition to the new projects we are now expanding both shopping malls (Cotroceni & Ploiesti) bringing new top European Brands, further strengthening the tenant mix. Following the completion of AFI Park 4&5 the portfolio in Romania increased to 180,000 sqm of leasable areas”, commented David Hay, CEO AFI Europe Romania.
AFI Properties Results; Profits of EUR 43 million in Q1 2016, 251% higher compared to Q1 2015
“AFI Properties“, the parent company of “AFI Europe“, has published its Q1 2016 financial reports, registering a NOI of EUR 20 million in the first 3 months, profit of EUR 43 million and an operational profit of EUR 66 million representing an increase of 251% and 209% respectively compared to Q1 of 2015.
The increased results are due to the completion of 32,000 sqm in AFI Park 4&5 offices in Bucharest, 12,000 sqm offices in Belgrade and increased value in the Berlin portfolio of assets. Currently, AFI Properties through its subsidiaries is designing and developing 200,000 sqm of commercial areas and 500 residential including the shopping mall and office project in Brasov Romania and office buildings in Serbia, Poland and the Czech Republic.
About AFI Properties
AFI Properties is a member of the 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, 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.
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 largest and most dominant shopping mall in Romania and among the leading shopping malls in the CEE region. The mall spreads over a leasable area of more 82,000 sqm (GLA) 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 50,000 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 has developed AFI Park, Bucharest’s newest and most advanced Class A business Park. AFI Park offers 70,000 of office leasable area occupied by multinational IT&C corporations. AFI Park 1-3, with 38,000 sqm of leasable areas are 100% leased. In February 2016 AFI Europe Romania has completed AFI Park 4&5 office building offering additional 32,000 sqm of gross leasable area to the total project. AFI Park 4&5 has reached close to 70% occupancy rate, with the pre-lease of Cameron, SII Romania, ORTEC Central & Eastern Europe, FotoNation and a new important entry to the IT&C Romanian market (name currently confidential).
AFI Europe Romania is currently planning for a development in the City Centre of Brasov Romania of a 45,000 sqm GLA shopping mall and 20,000 sqm GLA office project.
In the office segment, AFI will develop AFI TECH PARK, a 50,000 sqm of GLA Class A Business Park located in close proximity to the J.W. Marriott hotel and the Romanian Parliament. 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. AFI TECH PARK manages to answer the expanding needs of IT&C companies in Romania by offering a suitable space in terms of technical specifications accompanied by required expansion options. The fact that the Business Park is located in Downtown Bucharest and not in City Outskirts provides the Park the unique advantage sought after by multinational companies in Romania
In addition, AFI Europe Romania has two projects to be developed in the near future on the company’s 80,000 sqm land plot in Arad where a Retail park is to be developed and the mix use project to be developed on the 148,000 sqm land plot in Bucurestii Noi district 1 of Bucharest.