Real estate developer AFI Europe Romania has seen its net operating income gain 12.2 percent to EUR 10.8 million in the first quarter against the same period of last year on the back of growth in all business segments.
AFI Palace Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a net operating income of more than EUR 8 million in the first quarter, up 9.6 percent higher compared to Q1 2015.
AFI Palace Cotroceni retail arm sales rose by 14% to more than EUR 55 million in the first quarter.
At AFI Palace Ploiesti, the developer has registered growth in all the business lines.
The current occupancy rate of the shopping mall in Ploiesti is over 99 percent.
AFI Park 1-3 office buildings financial results show an increase of 33% percent of its net operating income compared to last year.
AFI reported full occupancy rate in the first 3 office buildings.
The company is currently developing AFI Palace Brasov, which comprises a shopping mall and offices, AFI Tech Park office project in Bucharest and AFI City in Bucurestii Noi neighborhood.
“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,” said David Hay, the CEO of AFI Europe Romania.
AFI Properties, the parent company of AFI Europe, has registered a profit of EUR 43 million in the first quarter, up 251 percent against the same period of last year.