Bucharest’s AFI Palace Cotroceni mall generates EUR 145 mln in sales in first 9 months

Newsroom 20/11/2013 | 15:27

Retailers present in the AFI Palace Cotroceni shopping mall in Bucharest generated total sales of EUR 145 million in the first 9 months of 2013, up 5.3 percent y-o-y, announced the company. 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 announced that AFI Palace Ploiesti, the mall which it opened this September following a EUR 50 million investment is now worth EUR 58 million.

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 and is fully leased by Electronic Arts, according to company data.

AFI Europe has been present in Romania since 2005. It owns land in Bucharest and Arad where it previously announced the development of two more malls.

Simona Bazavan

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