AFI Europe Romania is currently developing 80,000 sqm of gross leasable commercial areas, it said in a press release.
"The excellent financial results and the continuous improvement in the Romanian economy gives us the opportunity to continue and expand our existing projects and to invest in new developments," CEO David Hay said.
AFI Palace Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated a NOI of 8.3 million euro in the three months through March, up 2.4% on the year, the company said in its annual financial statement.
AFI Cotroceni retailers' sales, excluding the hypermarket, stayed almost flat on the year to 54 million euro in the first quarter. Footfall to the mall was also flat on the year to 50,000 visitors per day, while the occupancy rate is 99% for the currently 85,000 sqm GLA shopping mall. Following expansions this year, the mall will reach 90,000 sqm of GLA.
The net operating income of AFI Palace Ploiesti shopping mall rose 16% on the year to over 1.2 million euro, boosted by a significant increase in retailers' sales, which grew 12%. The occupancy rate of the shopping mall in the southern city of Ploiesti is now 99%.
At its office project AFI Park in Bucharest, the five buildings came close to 100% occupancy rate in 2016, the company said.
AFI Europe Romania NOI rose 15.5% on the year to 46 million euro in 2016.
The company is currently developing 80,000 sq m of leasable commercial areas which include phase 1 of AFI Tech Park construction, a 22,000 sq m of leasable area (GLA) office project located on Progresului Boulevard in Bucharest and AFI Brasov, which will consist of a 40,000 sqm GLA shopping mall. Also, the company is in the middle of the first phase of developing a 15,000 sqm GLA of offices in Bucharest.
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.
