AFI Europe Romania’s net operating income (NOI) to over EUR 37 mln during first nine months

Georgiana Bendre 23/11/2017 | 14:42

AFI Europe Romania’s net operating income (NOI) reached over EUR 37 million during the first nine months, representing respectively 10.4 percent higher results compared to the same period in 2016.

The value of the existing income producing assets AFI Cotroceni, AFI Ploiesti and the 5 office buildings of AFI Park increased by 7.5 percent to EUR 735 million, according to the valuation performed as of September 30.

The number of visitors to AFI Cotroceni remains stable at close to 50,000 visitors per day. AFI Cotroceni retailer’s sales increased by 3 percent to RON 770 million compared to first 9 months of 2016.

AFI Cotroceni was valued on September 30 at EUR 501 million increased by more than 7 percent.

The data above is prior and before of the opening of the largest P&C in Romania (5,200 sqm) and the largest Zara shop in the CEE region (4,000 sqm) both which opened after the reporting period and during October. In addition, during December, Bershka is set to open in Cotroceni its largest shop in the CEE. Following the extension, AFI Cotroceni GLA increased to 90,000 sqm of rentable areas.

The results of shopping center AFI Ploiesti of 34,000 sqm GLA continue to increase significantly in all parameters. Retailer’s sales rose by 18 percent to close to RON 200 million in the first nine months of the year, compared to the same periods in 2016. The number of visitors is over 15,000 shoppers per day. The occupancy rate of the shopping mall in Ploiesti remains steady at 99 percent and the value of the mall is EUR 67 million, according to the valuation performed as of September 30.

“The favorable economic context and the continuous development of key sectors such as IT&C make Romania a very attractive destination for AFI’s real estate investments. Our portfolio value in Romania increased by 7.5 percent and reached EUR 735 million from existing assets and we have 3 diversified ongoing projects under construction the AFI Brasov mall & offices, AFI Tech Park offices and AFI City Residential complex. We continue to maintain our interest for new opportunities, whether developments of new shopping centers or office projects,” says David Hay, CEO AFI Europe Romania.

Office Project AFI Park, 70,000 sqm GLA with a projected yearly income of EUR 13 million is close to 100 percent occupancy rate, and the value of the 5 office buildings is EUR 165 million according to the valuation performed as of September 30.

The construction works on AFI Brasov are advancing according to the time schedule announced with an estimated delivery date of the project in the first quarter of 2019. Currently AFI Brasov shopping mall is 50 percent pre-leased and additional 30 percent under signing process.

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Georgiana Bendre | 27/03/2024 | 17:32
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