AFI Europe Romania published its Q1 2017 financial results, generating a Net Operating Income (NOI) from its income producing assets in Romania of EUR 12.2 million; representing an increase of 12.7% compared to the same period in 2016.
AFI Cotroceni, the dominant Shopping Mall in Romania, generated a Net Operating Income (NOI) of EUR 8.3 million in Q1, representing 2.4% higher results compared to Q1 2016.
Currently AFI Cotroceni is finalizing expansion works adding 6,500 sqm of GLA, out of which most of it is already leased to Peek&Cloppenburg (P&C) that will open a 5,200 sqm shop. Following the current expansions AFI Cotroceni will reach close to 90,000 sqm of leasable areas (GLA).
AFI Cotroceni retailer’s sales (Turn-Over) amounted to over EUR 54 million for the first 3 months of the year and Footfall (visitors) to the mall summed up to an average of 50,000 visitors per day, both indicators remained stable compared to Q1 2016.
Shopping Mall AFI Ploiesti results continue to increase in all parameters. Retailer’s Sales (Turn-Over) rose by 12% in Q1, Footfall (visitors) to the mall increased by 7% and the net operating income (NOI) increased by 16% to over EUR 1.2 mil for the first 3 months of the year compared to the same period of 2016. Current occupancy rate of the shopping mall in Ploiesti is 99%.
AFI Park, the 70,000 sqm GLA of Class A office buildings developed adjacent to AFI Cotroceni mall are close to 100% occupancy rate.
“The excellent financial results and the continuous improvement in the Romanian economy gives us the opportunity to continue and expand our existing projects and to invest in new developments such as the 60,000 sqm City Center AFI Brasov shopping mall and office towers development, the 56,000 sqm AFI Tech Park offices on Progresului boulevard in Bucharest and our first residential project in Romania AFI City located in Bucurestii Noi. In parallel we keep searching for new development opportunities of shopping malls, commercial centers and office projects”, commented David Hay, CEO AFI Europe Romania.
AFI Properties Results; NOI of EUR 21 million in Q1of 2017, 2.5% higher compared to Q1 2016
AFI Properties, the parent company of AFI Europe, has published its Q1 of 2017 financial reports, registering a NOI of EUR 21 million, 2.5% higher to last year results.
AFI Properties total assets are valued at EUR 1.75 Billion. The company owns 450,000 sqm of commercial properties.
AFI Properties through its subsidiaries is under construction of 120,000 sqm of commercial developments including 5 office buildings and AFI Brasov shopping mall of 45,000 GLA in Brasov Romania in addition to 824 residential units in Serbia, Poland, Latvia and the Czech Republic.