AFI Palace Cotroceni shopping mall in Bucharest, the company’s largest and most important asset, summarizes 2014 with record results generating a total income of €37.5m out of which approximately €30m the net operating income, representing 4% higher results than 2013. The shopping mall’s net operating income for Q4 2014 totaled €7.7m as opposed to €7.5m in Q4 2013. The shopping mall is valued as of September 30, 2014 at €401m, representing an increase of 7% compared to 2013.
“AFI Europe Romania has concluded 2014 with excellent operational and financial results. The net operating income of our income-generating assets in Romania grew by 20 percent to more than €37m, and the projects and land bank are valued at €670m with an average occupancy rate of 98 percent,” said David Hay, CEO AFI Europe Romania. “We plan to continue this momentum of development with new quality office buildings and new shopping malls currently planned to be developed in Bucharest and outside of the capital”
AFI Park 3 was delivered at the end of the year. AFI Park 1 and AFI Park 2 generated more than €3.5m in net operating income. AFI Park 4&5, offering 32,000 sqm of GLA, is under construction. Completion is set for Q4.
