Tuesday, July 14, 2020
Home News Finance AFI Properties profits rise to €60 million and NOI increases by 9.4...

AFI Properties profits rise to €60 million and NOI increases by 9.4 percent to €80 million

AFI Properties, the parent company of AFI Europe, has published its 2014 financial reports, registering a sharp increase in profit of 85 percent (in euro currency), resulting close to €60 million compared to €32 million 2013. AFI Properties also announced a net operating income (NOI) of €80 million for 2014 representing an increase of 9.4 percent (in euro currency) in comparison to 2013.

The total income summed up to more than €85 million an 11 percent increase (in euro currency) compared to 2013.

On November 6th, AFI Europe has completed the sale of AFI Palace Pardubice shopping mall in the Czech Republic (which was opened in November 2008) for €83 million, resulting in a 28 percent yearly IRR (Internal rate of return) and a cash flow of €22 million.

AFI Europe Romania results:
AFI Palace Cotroceni shopping mall in Bucharest, the company’s largest and most important asset, summarizes 2014 with record results generating a total income of €37.5 million out of which around €30 million is the Net Operating Income (NOI), representing 4 percent higher results than 2013. The shopping mall’s net operating income (NOI) for Q4 2014 totalled EUR 7.7 million as opposed to €7.5 million in Q4 2013.

The shopping mall is valued as of September 30, 2014 at €401 million, representing an increase of 7 percent compared to 2013.

AFI’s retailer’s sales (Turn-Over) excluding the hypermarket increased by 9 percent in Q4, and a total increase of 5 percent during 2014, compared to the same periods of 2013.AFI Palace Cotroceni showed stable results in shoppers’ footfall (visitors to the mall) with an average of 52,000 visitors per day. Current occupancy rate is over 98 percent.

AFI Palace Ploiesti net operating income (NOI) resulted in more than €4 million for 2014 and is valued at €66 million as of September 30, 2014, as opposed to €56.5 million registered in 2013. AFI Palace Ploiesti shoppers’ footfall (visitors to the mall) remains stable at 15,000 visitors per day. Current occupancy of the shopping mall in Ploiesti is 99 percent.

“AFI Europe Romania has concluded 2014 with excellent operational and financial results. The NOI (net operating income) of our income generating assets in Romania grew by 20 percent to more than €37 million and the projects and land bank are valued at €670 million with an average occupancy rate of 98 percent. We plan to continue this momentum of development with new quality office buildings and new shopping malls currently planned to be developed in Bucharest and outside of the Capital,” said David Hay, CEO AFI Europe Romania.

On the office segment, AFI Park 3 was delivered at the end of the year while the first 2 office buildings in AFI Park (AFI Park 1, AFI Park 2) generated more than €3.5 million of NOI (net operating income).

Currently AFI Park 4&5, office buildings of 32,000 sqm of GLA, are under construction and are planned to be completed in Q4 2015.

Most Popular

Office campus near Krakow gets a revamp

Savills has been appointed sole letting agent for office space in Eximius Park, an office complex on the outskirts of Krakow. The...

Dot2Dot moves group’s headquarters to 7R Park Gdańsk II

Dot2Dot Group, a leader in the solid cardboard packaging industry, will move into the 7R Park Gdańsk II complex in Kowale, Poland,...

Panattoni appoints Sustainability Manager

Emilia Dębowska, who has worked for Panattoni for over 5 years, has been appointed to the new position of Sustainability Manager. Upon...

€67 billion for the implementation of 25 mega-projects in Poland

There are only four construction projects with a unit value in excess of PLN 3 billion (€670 million), excl. VAT, currently underway...