AFI Properties, the parent company of AFI Europe, has published its H1 2016 financial reports, registering a NOI of €38 million in the first 6 months, similar to last year H1 results though including sales of several assets and increased NOI performance from new and existing projects. AFI Properties also registered a profit of €38 million representing an increase of 190 percent compared to H1 the profit in H1 of 2015.
The income increased by 47 percent to €74 million. The increased results are due to the completion of office buildings AFI Park 4&5 in Bucharest, Airport City Belgrade phase 4 and phase 3 in Classic 7 in Prague.
Currently, AFI Properties through its subsidiaries is developing 200,000 sqm of commercial areas and 900 residential units, including the shopping mall and office project in Brasov Romania and office buildings in Serbia, Poland and the Czech Republic.
AFI Europe Romania published its Q2 and H1 2016 financial results, generating a Net Operating Income (NOI) of €22.2 million, from its income producing assets in Romania during the first 6 months of the year, representing 13.1 percent higher results compared to the first half of 2015.
AFI Palace Cotroceni, the largest Shopping Mall in Romania, generated a Net Operating Income (NOI) of more than €16.5 million in H1 2016, representing 8.6 percent higher results compared to H1 2015.
AFI Palace Cotroceni retailer’s sales (Turn-Over) increased by 14 percent in H1 2016 compared to the same period last year, resulting in more than EUR 112 million in the first 6 months of 2016. Footfall (visitors) to the mall increased by 5.5 percent and the occupancy rate is close to 99 percent.
AFI Palace Ploiesti results continue to show significant increase in all parameters. Retailer’s Sales (Turn-Over) rose by 19 percent in H1 2016 and the net operating income (NOI) increased by 8.1 percent, to more than €2.2 million, compared to the same period last year. Current occupancy rate of the shopping mall in Ploiesti is over 99 percent. AFI Palace Ploiesti is currently under expansion works in addition to introducing new important retailers such as Deichmann and Starbucks.
The office buildings AFI Park 1-5, following the completion of AFI Park 4&5, the financial results show an increase of 48 percent in H1 NOI to more than €3.4 million compared to last year. Occupancy rate in the first three office buildings is 100 percent and in AFI Park 4&5 it is over 70 percent.
“AFI Europe Romania has concluded the first 6 months of this year with improved results in all parameters. The shopping malls performance is continuing with an upward trend, office buildings are close to 100 percent occupancy, the new projects AFI Palace Brasov consisting of a 45,000 sqm GLA shopping mall & 25,000 sqm GLA offices, AFI Tech Park office project in Bucharest of 50,000 sqm GLA and AFI City Residential Project in Bucurestii Noi are to commence construction. Following the 13 percent higher Net Operating Income (NOI), our long term strategy is to continue and achieve constant and steady growth in the NOI development. Including our pipeline projects, the portfolio in Romania will increase to 300,000 sqm of leasable areas,” commented David Hay, CEO AFI Europe Romania.