AFI Europe Posts EUR26.9M Income From AFI Palace Cotroceni

03.13.2013 By Bogdan Neagu

Real estate developer AFI Europe Wednesday reported net operating income from AFI Palace Cotroceni mall in Bucharest rose to EUR26.9 million in 2012, from EUR24.6 million a year before, fueled by a 9% increase in tenants’ turnover.

Last year, the shopping center showed an increase of 9% (in euro terms) and 14% (in Romanian lei) of the yearly tenants’ sales for 2012, totaling an annual turnover of EUR196 million, the developer said in a news release.

AFI Palace Cotroceni, the company’s largest and most important asset, and recently opened office building AFI Park 1 contributed to the increase in AFI Europe’s asset value by EUR18 million. The two buildings have an aggregated value of EUR388 million.

AFI Europe’s total portfolio, which includes properties in seven countries in the Central and South-Eastern Europe, was valued at EUR1.5 billion in 2012, up by EUR175 million compared with the previous year.

The developer currently invests in the second building of office project AFI Park, located near AFI Palace Cotroceni, and in other three retail projects.

AFI Palace Ploiesti is scheduled for opening in October, and about 70% of the 30,000 square-meter leasable area has already been occupied.

Following the development of AFI Park 1, which is 85% leased mainly to IT companies, AFI Europe has started the construction of the 12,000-sqm AFI Park 2, which will complete in the first quarter of 2014.

In addition, AFI is developing two other retail projects, in Arad and Bucharest respectively.