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Nov 23, 2017 19:15 EEST
November 23 (SeeNews) - Real estate developer AFI Europe Romania said on Thursday its net operating income (NOI) rose 10.4% on the year to 37 million euro ($43.4 million) in the first nine months of 2017.
The value of the existing income-producing assets AFI Cotroceni, AFI Ploiesti and the five office buildings of AFI Park has increased by 7.5% to 735 million euro, according to the valuation carried out as of end-September, AFI said in a press release.
"The favorable economic context and the continuous development of key sectors such as IT&C make Romania a very attractive destination for AFI’s real estate investments. (...) We continue to maintain our interest for new opportunities, whether developments of new shopping centers or office projects," AFI Europe Romania CEO David Hay said.
The number of visitors to AFI Cotroceni, the company’s largest and most important asset, remained at 50,000 visitors per day. AFI Cotroceni retailer’s sales increased by 3% on the year to 150.5 million euro.
AFI Cotroceni was valued at 501 million euro at end-September, up 7% on the year.
Results of its second largest shopping center in Romania, AFI Ploiesti, continue to increase significantly in all parameters, AFI said. Retailer’s sales rose by 18% on the year to close to 43 million euro in the first nine months of the year. The number of visitors is over 15,000 shoppers per day. The occupancy rate of the shopping mall in Ploiesti remains steady at 99% and the value of the mall is 67 million euro according to the valuation performed as of end-September.
The construction works on AFI Brasov are advancing according to the time schedule announced with an estimated delivery date of the project in the first quarter of 2019. The mall will spread on an area of 45,000 sq m GLA and will include 200 shops and retail units.
In the office segment, construction works for AFI Tech Park in Bucharest are well advanced and the first office building will open in the second quarter of 2018, offering 20,000 sq m GLA office space and 2,000 sq m of retail area.
AFI Europe Romania is currently preparing to launch its first residential project in Romania: AFI City, located in Bucharest. In the first phase, two residential buildings consisting of 190 apartments will be developed.
AFI Europe Romania NOI rose 15.5% on the year to 46 million euro in 2016.
AFI Europe, a subsidiary of AFI Properties, is one of the leading real estate development, management and investment companies, which is operating in Central and Eastern Europe since 1997.
($= 0.8509 euro)
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