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AFI Europe Romania increased its net operating income by ten per cent to over 51 million Euro during 2017

AFI Europe Romania published its financial results. The Net Operating Income (NOI) from its income producing assets in Romania reached to over 51 million Euro in 2017, representing 10.1 per cent higher results compared to 2016.

2018-03-13 15:38:03

AFI Cotroceni the largest and most dominant shopping mall in Romania reported a NOI of over 34 million Euro representing a two per cent increase compared to 2016 though taking into consideration the extensive expansion construction works that have been finalized only in Q4 of 2017. The number of visitors to AFI Cotroceni increased to 51,000 visitors per day. AFI Cotroceni retailer's sales (Turn-Over) increased by five per cent to 1.1 Billion RON compared to 2016.

"2017 was an excellent year for AFI Romania with a ten per cent increase in NOI to over 51 million Euro," said David Hay, CEO AFI Europe Romania. "During 2017 we have expanded AFI Cotroceni by 7,000 sqm GLA opening the largest P&C and Zara shops in Romania and their contribution to the mall results will be felt in 2018. Our overall occupancy in the income producing assets is 99%. In addition, we have 3 diversified ongoing projects under construction; AFI Brasov mall & offices which we have over 85 per cent of the mall's shops signed or concluded to be signed, AFI Tech Park offices which are close to 40 per cent pre-leased and AFI City Residential complex which have launched sales during the last couple of weeks. We continue to maintain our interest for new opportunities, whether developments of new shopping centers or office projects."

The construction works on AFI Brasov are advancing according to the time schedule. Currently there are already signed agreements for 85 per cent of the spaces in the mall. The mall will spread on an area of 45,000 sqm GLA and will include 200 shops and retail units. On top of the mall 2 class A office buildings shall be constructed totaling 25,000 sqm of GLA.

In addition, in the office segment, construction works for AFI Tech Park in Bucharest are well advanced and the pre-lease is close to 40 per cent. The first office building will open in Q2 2018, offering 20,000 sqm GLA office space and 2,000 sqm of retail area.

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