Afi Palace Cotroceni estimates 5-6 pct sales increase in 2013

Newsroom 03/03/2014 | 17:00

The Afi Palace Cotroceni shopping mall in Bucharest has increased its 2013 sales by about between 5 and 6 percent against the previous year, in line with the overall evolution of the local retail market, Israel Vizel, the mall’s manager told Mediafax newswire.

“Official numbers indicated a 5-6 percent increase of the local retail market in 2013 and we see the same result for Afi. The shopping mall’s result will reflect the overall context of the retail market. I don’t have the final numbers but all indicators posted a good performance. In 2014 we expect to report growth given our plans for this year,” Vizel told BR.

In 2012 Afi Palace Cotroceni posted a EUR 196 million turnover, up 9 percent y-o-y.

Vizel also announced that the Benetton store in the mall will be relocated to host a Collective store.

In November 2013 Afi announced that retailers present in the mall generated total sales of EUR 145 million in the first 9 months of 2013, up 5.3 percent y-o-y. AFI Europe Romania, the project’s developer and property manager, reported a EUR 21.2 million net operating income, up 8 percent y-o-y.In the first 9 months of 2013, the mall reported some 14 million visitors.

AFI Palace Cotroceni has a 80,000 sqm leasable area and was opened in 2009. It is the biggest and most important asset in the developer’s local portfolio. It was evaluated at EUR 375 million at the end of September.

The developer also owns the AFI Palace Ploiesti mall which it opened last year following a EUR 50 million investment.

In Romania AFI Europe has also invested in the office segment. It is presently developing the AFI Park project near AFI Palace Cotroceni which will comprise 5 office towers. The first building (12,150 sqm) was completed in September 2012 and is fully leased. The second building will be completed in April 2014.

AFI Europe has been present in Romania since 2005.

Simona Bazavan 

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