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AFI Europe Romania's 9-mo net operating income rises

AFI Europe Romania's 9-mo net operating income rises AFI Europe Romania - Cotroceni mall

BUCHAREST (Romania), November 22 (SeeNews) - Real estate developer AFI Europe Romania said on Thursday its net operating income (NOI) rose 8% on the year to 40.6 million euro ($46.1 million) in the first nine months of 2018.

AFI Palace Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a 9% higher NOI in the first nine months, of 27 million euro, the company said in a press release.

AFI Cotroceni retailers' sales, excluding the hypermarket, rose 8% on the year in January-September, reaching 185 million euro. Footfall to the mall rose by 8% on the year to over 52,000 visitors per day, while the occupancy rate is 98% for the currently 90,000 sqm gross lettable area (GLA) shopping mall.

"We continue our expansion in Bucharest and other cities in Romania, continuing to diversify our portfolio in all areas of the real estate market - retail, office and residential. At present, our trading portfolio covers more than 200,000 sq m of our assets, 60,000 sq m of leasable development and 70,000 sq m of leasable buildings that we will develop in 2019," CEO Doron Klein said.

AFI Palace Ploiesti shopping mall NOI stayed flat on the year in the first nine months at 3.7 million euro. The occupancy rate of the shopping mall in the southern city of Ploiesti is now 99%.

AFI Park, an office project with a 70,000 sq m GLA, is leased 99% and the value of the five office buildings is 175 million euro, according to the valuation made in 2018. The NOI of AFI Park rose by 14% on the year to 10 million euro in the first nine months.

AFI Europe, a subsidiary of AFI Properties, is a leading real estate development, management and investment companies, which has been operating in Central and Eastern Europe since 1997. AFI Europe operates in Romania since 2005. 

($= 0.879 euro)