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AFI Europe Romania Q4 and 2015 Yearly Results

Bucharest, 14.03.2016:

AFI Europe Romania published its Q4 and 2015 yearly financial results, generating a Net Operating Income (NOI) of more than EUR 40 million in 2015 from its income producing assets in Romania, representing 8% higher results compared to the same periods in 2014.

AFI Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a Net Operating Income (NOI) of close to EUR 8 million in Q4 2015, and close to EUR 31 million in 2015, representing over 3% higher results compared to 2014.

AFI Cotroceni retailer’s sales (Turn-Over) excluding the hypermarket increased by 9.3% in Q4 and by 8% in 2015, compared to the same periods in 2014.

AFI Ploiesti shopping mall net operating income (NOI) resulted in more than EUR 4 million in 2015 representing close to 6% increase compared to the same period of the previous year.

AFI Ploiesti results show significant increase in retailer’s sales (Turn-Over) by 24% in Q4, 2015 and by 23% in 2015, compared to the same periods in 2014. Current occupancy rate of the shopping mall in Ploiesti is over 99%.

AFI Europe Romania has concluded Q4 and 2015 with excellent operational and financial results as shown by the growth in NOI (Net Operating Income) from our income generating assets in Romania by 8%. Following the completion of AFI Park 4&5 the portfolio in Romania increased to 180,000 sqm of leasable areas. AFI Cotroceni has completed during 2015 two expansions while additional expansions in Cotroceni and Ploiesti shopping malls are planned for 2016. The good financial results coupled with positive microeconomic numbers of Romania encourage us to start more projects as he new shopping Mall to be developed in Brasov (45,000sqm GLA) and the Office Park to be developed on Progresului Boulevard in Bucharest (50,000sqm GLA), both are planned to commence construction this year”, commented David Hay, CEO AFI Europe Romania.

 

AFI Properties Results; Profits of EUR 50 million in 2015, Announces Future Dividend Distribution of EUR 55 million

AFI Properties“, the parent company of “AFI Europe“, has published its 2015 yearly financial reports, registering profits of EUR 50 million and a NOI of EUR 81 million. The operational profit increased in 2015 by 15% to EUR 112 million compared to the same period in 2014. Results of 2015 compared to 2014 were influenced by the weakening by 10% of the EURO currency vs. the Shekel currency.

AFI Properties announced dividend distribution for 2016 and 2017 to its shareholders of EUR 55 million following more than EUR 60 million distributed last year.

Currently, AFI Properties through its subsidiaries is developing 80,000 sqm of offices and 500 residential units in addition to several hundreds of thousands of sqm which are currently in design phase including the shopping mall and office project in Brasov Romania.

AFI Properties currently owns more than 550,000 sqm of income producing assets.

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

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 97% 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 a 60% occupancy rate, before its completion, with the pre-lease of 18,000 sqm to 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 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.

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