AFI Europe Romania posted a net operating income of €10m for Q2 and nearly €20m for the first six months of 2015, up 8.3 percent and 8.4 percent respectively from the same periods last year.
AFI Palace Cotroceni, the company’s largest and most important asset, reported a net operating income of €7.8m in Q2, up 7 percent y-o-y. The Bucharest shopping center’s net operating income for the first six months of 2015 was €15.2m, up 4 percent y-o-y. Retail sales, excluding the hypermarket, increased by 6 percent y-o-y in Q2 and by 7.5 percent y-o-y in H1 2015. The mall is nearly 99 percent leased.
AFI Palace Ploiesti’s net operating income topped €2m for H1 2015. Retail sales increased by 20 percent y-o-y. The shopping center is currently 99 percent leased.
“Currently the portfolio in Romania consists of 150,000 sqm of leasable areas with an average occupancy rate in all income-producing assets of over 98 percent. Additionally, 32,000 sqm GLA are to be added to the portfolio upon the completion of AFI Park 4 and 5,” said David Hay, CEO of AFI Europe Romania. “The excellent financial results support our expansion plans in Romania, including a new shopping mall being developed in Brasov (45,000 sqm GLA), an office park to be developed on Progresului Boulevard in Bucharest (50,000 sqm GLA) and a mixed-use project in Bucurestii Noi (more than 300,000 sqm).” Construction on all new projects are expected to start in 2016, Hay added.
