AFI Europe Romania posts 13.6 million Euro net operating income, up 12 per cent in Q1 2018
AFI Europe Romania published its financial results; The Net Operating Income from its income producing assets in Romania reached 13.6 million Euro during Q1 2018, representing 12 per cent higher results compared to Q1 2017.
2018-05-18 12:05:19
AFI Cotroceni reported a NOI of over 9 million Euro in 3 months representing an 8 per cent increase compared to Q1 2017. The number of visitors to AFI Cotroceni increased to 56,000 visitors per day during Q1, a 13 per cent increase compared to Q1 2017, resulting mainly from the expansion of the Zara shop to a 4,000 sqm store and Peek&Cloppenburg which opened end of last year. Consequently, AFI Cotroceni retailer's sales (Turn-Over) increased as well by 6 per cent compared to Q1 2017.AFI Cotroceni was valued last year at EUR 501 million.
"Q1 2018 has once again shown continuous growth, in all parameters such as a 12 per cent increase in NOI to 13.6 million Euro in 3 months compared to Q1 2017, increased number of visitors in the shopping malls, new office leases in AFI Tech, expansions of the existing shopping malls' GLA and launching sales in our first residential project AFI City. Our overall occupancy in the income producing assets is 99 per cent. In addition, we have 3 diversified ongoing projects under construction; AFI Brasov mall & offices, AFI Tech Park offices which are close to 40 per cent pre-leased and AFI City Residential. We continue to maintain our interest for new opportunities, whether developments of new shopping centers or office projects," said David Hay, CEO AFI Europe Romania.
The construction works on AFI Brasov are advancing and the mall and offices will open during 2019. The mall will spread on an area of 45,000 sqm GLA and will include 200 shops and retail units. Raising above 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 1 in Bucharest are to be finalized this month and the pre-lease is close to 40 per cent. The first office building's tenants will move in during August 2018.
During Q1 AFI Europe Romania has launched the sales of its first residential project in Romania; AFI City, located in Bucurestii Noi. As phase I, two residential buildings consisting of 190 apartments, 16,000 sqm of built up area are planned to commence construction by the end of this month.
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