AFI Europe to build third shopping mall, office park in Romania in 2016

The new shopping mall will be developed in Brasov county, in the central part of Romania, and will have a gross leasable area of 45,000 sq m, the company said in a press release.

It will be AFI's third shopping mall in Romania, following ones in Ploiesti and Bucharest.

The planned Office Park is to be developed on Progresului Boulevard in Bucharest with a gross leasable area of 50,000 sq m.

For both projects, AFI will commence construction in 2016, the company's CEO David Hay said in the press release.

AFI Europe Romania generated a net operating income of 30 million euro ($31.8 million) in the first nine months of 2015, up 8.2% compared to the same period in 2014, the company also said.

The value of AFI Palace Cotroceni in Bucharest, AFI Palace Ploiesti and the first 3 office buildings of AFI Park increased to close to 600 million euro as of September 30, 2015.

AFI Palace Cotroceni Shopping Mall in Bucharest, the company’s largest and most important asset, generated net operating income of 23 million euro in the first nine months of 2015, representing 4% higher results than in 2014.

The shopping mall was valued as of September 30 at 434 million euro, representing an increase of 8.2% compared to last year.

The AFI Palace Ploiesti shopping mall's nine-month net operating income amounted to 3.2 million euro, representing a 7% increase compared to the same period last year.

It was valued at 67.7 million euro as of September 30, as opposed to 66 million euro last year.

AFI Europe, a subsidiary of AFI Properties, is a real estate development, management and investment company operating in Central and Eastern Europe. It focuses on the development of large-scale commercial, residential and mixed use projects.

($=0.94 euro)