AFI Properties, the parent company of AFI Europe, has published its Q3 and first 9 months of 2016 financial reports, registering a NOI of €57 million, similar to last year results though including the sale of several assets parallel to increased NOI performance from new and existing projects. AFI Properties registered a profit of €60 million representing an increase of 30 percent and an 8 percent increase in income to €122 million compared to first 9 months of 2015.
From the start of the year AFI Properties has sold 600 residential units while additional 200 units were leased on a long term basis. The company completed this year office buildings AFI Park 4&5 in Bucharest (32K GLA), Airport City Belgrade phase 4 (12k GLA) and phase 3 in Classic 7 in Prague all are close to 100 percent occupancy rate.
Currently, AFI Properties through its subsidiaries is developing 20 projects including 9 office buildings totalling 200,000 sqm, a new shopping mall of 40,000 GLA in Brasov Romania and 1,800 residential units in Serbia, Poland, Latvia and the Czech Republic.
AFI Europe Romania published its Q3 and first 9 months of 2016 financial results, generating a Net Operating Income (NOI) from its income producing assets in Romania of €12 million in Q3 and more than €34 million during the first 9 months of the year, representing 17 percent for Q3 and 14 percent for 9 months higher results compared to the same periods in 2015.
AFI Europe Romania commercial properties and projects under development were valued on September 30 reaching over €800 million, representing an increase of 10 percent compared to last year.
AFI Cotroceni, the largest Shopping Mall in Romania, generated a Net Operating Income (NOI) of more than €25 million in 9 months of 2016, representing 10 percent higher results compared to the first 9 months of 2015.
As of September 30 AFI Cotroceni was valued at €467 million an increase of 7.6 percent compared to last year.
Currently the shopping mall is ongoing expansion works adding 6,500 sqm of GLA following which a new valuation process shall be performed.
AFI Cotroceni retailer’s sales (Turn-Over) increased by 12 percent compared to the same period last year, resulting in €170 million in the first 9 months of 2016. Footfall (visitors) to the mall increased by 5.5 percent and the occupancy rate is 99 percent.
AFI Ploiesti results continue to show significant increase in all parameters. Retailer’s Sales (Turn-Over) rose by 16 percent in 9 months of 2016 and the net operating income (NOI) increased by 4 percent, to more than €3.3 million compared to the same period last year. Current occupancy rate of the shopping mall in Ploiesti is 99 percent. AFI Ploiesti is finalizing these days’ expansion works including new shops of Deichmann and Starbucks that have recently been opened. The mall maintained its value of €67.5 million.
In the office park, 70,000 GLA sqm of the office buildings AFI Park 1-5 are close to 100 percent occupancy rate.
“The rise in the value of the assets reflects not only the improvement in the Romanian economy, but mainly the team work of AFI in managing the different assets, both in the development of new projects and the day to day management of the existing assets. In order to maintain and even to enhance the growth of AFI Europe Romania, we have commenced this year the development of AFI Tech Park, a 50,000 sqm office project on Progresului Boulevard in Bucharest, and plan to commence development of AFI Brasov, consisting of a 40,000 sqm GLA shopping mall and 25,000 sqm GLA offices. Furthermore we expect next year to start our first residential project in Romania, AFI City, located in Bucurestii Noi. We keep searching for new opportunities similar to the project in Brasov,” commented David Hay, CEO AFI Europe Romania.
