Immofinanz reported €45.1m in rental income on the Romanian market for the 2015/16 fiscal year, accounting for 14.3 percent of the Group’s total rental income. The company’s total rental income for the year fell by 18.4 percent to €314.5m. The decline was a result of the worsening economic environment in Russia, where Immofinanz granted temporary rent reductions to tenants in its Moscow shopping centers, as well as planned property sales.
Immofinanz’s 76 properties in Romania represent 15.5 percent of the company’s total portfolio, with a carrying amount of €852.5m. The expected fair value after completion of the company’s current development projects in Romania amounts to €106.6m.
