AFI Europe Romania published its Q1 2016 financial results, generating a Net Operating Income (NOI) of EUR 10.8 million, from its income producing assets in Romania during the first 3 months of the year, representing 12.2% higher results compared to Q1 2015.
AFI Palace Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a Net Operating Income (NOI) of more than EUR 8 million in Q1 2016, representing 9.6% higher results compared to Q1 2015.
AFI Palace Cotroceni retailer’s sales (Turn-Over) increased by 14% in Q1 resulting in more than EUR 55 million in the first 3 months of 2016.
AFI Palace Ploiesti results continue to show significant increase in all parameters. Retailer’s sales (Turn-Over) rose by 23% in Q1 2016 and the net operating income (NOI) increased by 4.6% compared to Q1 2015. Current occupancy rate of the shopping mall in Ploiesti is over 99%.
AFI Park 1-3 office buildings financial results show an increase of 33% in Q1 NOI compared to last year. Occupancy rate in the first 3 office buildings is 100%.
“AFI Europe Romania has concluded the first quarter of this year with improved and increased results in all parameters. The shopping malls performance is outstanding, office buildings AFI Park 1-3 are 100% occupied, AFI Park 4&5 close to 70% occupancy, new projects as the Mixed Use project AFI Palace Brasov consisting of a 45,000 sqm GLA shopping mall and 25,000 sqm GLA offices, AFI Tech Park office project in Bucharest of 50,000 sqm GLA and AFI City in Bucharesti Noi are underway. Achieving 12.2% higher NOI then Q1 last year was not an easy task, but we manage to improve results quarter after quarter, year after year. In addition to the new projects we are now expanding both shopping malls (Cotroceni & Ploiesti) bringing new top European Brands, further strengthening the tenant mix. Following the completion of AFI Park 4&5 the portfolio in Romania increased to 180,000 sqm of leasable areas”, commented David Hay, CEO AFI Europe Romania.
AFI Properties Results; Profits of EUR 43 million in Q1 2016, 251% higher compared to Q1 2015
“AFI Properties“, the parent company of “AFI Europe“, has published its Q1 2016 financial reports, registering a NOI of EUR 20 million in the first 3 months, profit of EUR 43 million and an operational profit of EUR 66 million representing an increase of 251% and 209% respectively compared to Q1 of 2015.
The increased results are due to the completion of 32,000 sqm in AFI Park 4&5 offices in Bucharest, 12,000 sqm offices in Belgrade and increased value in the Berlin portfolio of assets. Currently, AFI Properties through its subsidiaries is designing and developing 200,000 sqm of commercial areas and 500 residential including the shopping mall and office project in Brasov Romania and office buildings in Serbia, Poland and the Czech Republic.