Latest News  

AFI net income up 8% at 9M, Romanian projects valued at 600 mln. euro

The net operating income (NOI) of the Romanian portfolio of AFI Europe Romania increased to euro 30 million, 8.2% higher then the first nine months (9M) of 2014. AFI Palace Cotroceni, the biggest asset, was valued as of 30.09.2015 at euro 434 million.

2015-11-23 16:11:47 - by Bogdan Tudorache

The NOI for 3rd quarter (Q3) was of euro 10.2 million and close to euro 30 million in the first 9 months of 2015, representing an 8.2% higher result compared to the similar periods of 2014.

Total value of the completed projects, shopping malls AFI Palace Cotroceni, AFI Palace Ploiesti and the first 3 office buildings of AFI Park, increased to close to euro 600 million, as of September 30, 2015.

AFI Palace Cotroceni Shopping Mall in Bucharest, the company's largest and most important asset, generated a NOI of euro 7.7 million in Q3 2015, representing 3.3% higher result than 2014 and euro 23 million in the first 9 months of 2015, representing a 4% higher result compared to the same period of 2014.

The shopping mall was valued as of September 30, 2015 at euro 434 million, representing an increase of 8.2% compared to last year.

AFI Palace Cotroceni retailer's sales (turnover) excluding the hypermarket increased by 7.3% in Q3 and by 7.4% in the first 9 months of 2015, compared to the same periods in 2014.

AFI Palace Ploiesti shopping mall net operating income (NOI) resulted in euro 3.2 million for the first 9 months of 2015 representing a 7% increase compared to the same period last year.

AFI Palace Ploiesti results show significant increase in retailer's sales (Turn-Over) which was increased in Q3, 2015 by 28% and by 23% in the first 9 months of 2015, compared to the same periods in 2014. Current occupancy rate of the shopping mall in Ploiesti exceeds 99%.

AFI Palace Ploiesti was valued at euro 67.7 million as of September 30, 2015, as opposed to euro 66 million last year.

"AFI Europe Romania has concluded Q3 and the first 9 months of 2015 with excellent operational and financial results as shown by the growth in NOI (Net Operating Income) of our income generating assets in Romania by 8.2% and by the valuation of our existing assets, 2 shopping malls and 3 office buildings, rising to a value close to euro 600 million," said David Hay, CEO AFI Europe Romania.

"Currently the portfolio in Romania consists of 150,000 sqm of leasable areas with an average occupancy rate in all income producing assets of over 98%. Additional 32,000 sqm of GLA are to be added to the portfolio upon the completion of AFI Park 4&5 in January 2016.

The good financial results coupled with positive microeconomic numbers of Romania encourage us to start more projects during next year such as: The new shopping Mall to be developed in Brasov (45,000 sqm GLA) and the Office Park to be developed on Progresului Boulevard in Bucharest (50,000 sqm GLA), which are planned to commence construction in 2016".

AFI Properties announces Dividend Distribution of euro 45 million

"AFI Properties", the parent company of "AFI Euroope", has published its Q3 and first 9 months of 2015 financial reports, registering profits of euro 34 million in Q3 and euro 46 million for the first 9 months of 2015.

AFI Properties also announced a net operating income (NOI) of euro 20 million for Q3 2015 and euro 61 million for the first 9 months of 2015 representing an increase of 2.3% in comparison to the first 9 months of 2014. Results for the first 9 months of 2015 compared to 2014 were influenced by the sale of the shopping mall in Pardubice in the Czech Republic and the weakening of the euro currency vs. the Shekel. The operational profit increased in the first 9 months of 2015 by 24% to euro 98 million compared to same period in 2014.

AFI Properties announced an additional dividend distribution to its shareholders of approximately euro 45 million following euro 18 million previously distributed this year.

Currently, AFI Properties through its subsidiaries is developing 75,000 sqm of offices (32,000 sqm in AFI Park 4 & 5 in Bucharest) and 575 residential units in addition to several hundreds of thousands of sqm which are currently in design phase.

AFI Properties currently owns 548,000 sqm of income producing assets.


0 COMMENTS ^ Go back to Top
WRITE A COMMENT ^ Go back to Top
 
Your email address will not be published.
Nickname
Email
Comment
Validation Code
   
 
 
NEWS
AFI Brasov Mall begins the construction with 80 per cent assigned spaces

AFI Romania announced that the leasing campaign in AFI Brasov has advanced and has already assigned 80% of the spaces, a press release informs.

 Read Full article »
Logicom to acquire Romanian IT distributor Gemini

Logicom Information Technology, a subsidiary of Logicom Public Limited signed a pre-sale purchase agreement for the acquisition of Romanian IT distribution company Gemini.

 Read Full article »
InnovMatch Competition in solving business challenges

InnovMatch aims to enable innovative companies, start-ups, developers, entrepreneurs and students from around Central and Eastern Europe to tackle specific business challenges, and by using SAP Cloud Platform,

 Read Full article »
Zitec plans 5 million Euro worth business this year

Zitec, major provider of personalized technology solutions, services and products in Romania, announced it recorded a 30 per cent increase in turnover in the first half of 2017, compared to the same period in 2

 Read Full article »
Smartree: Romanian private sector wages up 7 pct on average in H1

HR outsourcing consultancy Smartree says that wages in the private sector rose by an average of 7 percent in the first half of this year compared to the same period of last year, mainly due to the increase of t

 Read Full article »
NTT Data takes up 4,000 square meters in Unirii View office project

NTT Data Romania, the software services and solutions provider, leased 4,000 square meters in Unirii View office project, the 18th floors tower that is being under development in downtown Bucharest, only five m

 Read Full article »
Eucom Survey: 2 out of 3 Romanian employees would learn a foreign language in order to advance in their career

The interim results of the latest survey conducted by Eucom, foreign language courses provider and part of the Ascendis Group, show that 2 out of 3 Romanian employees (66per cent of all respondents) want to lea

 Read Full article »
Google offers 30.000 US dollars grant for supporting computer science in Romania

Union of Romanian Informatics Teachers - UPIR has received a 30,000 US dollars worth grant from Google to create an online community dedicated to computer science high-school teachers.

 Read Full article »
Siveco's Newton project brings top-notch technology in schools for children with special needs

A pre-testing lesson in physics using 3D, Virtual Reality and Augmented Reality content develped by SIVECO Romania brought unexpected success for students with impaired hearing, within the NEWTON European proje

 Read Full article »
The IT sector in Romania anticipated to reach 12 per cent of GDP until 2025

Romania's IT&C sector will increase to 12% of the GDP in 2025, from a current value of 6% of the GDP, said Marian Popa, head of DB Global Tehnology's IT center in Bucharest, citied by Mediafax newswire.

 Read Full article »
 
MOST RECENT VIDEO
 
 
MOST READ ARTICLES
» Voxpro opens office in Bucharest and h...
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» AFI Brasov Mall begins the constructio...
» Comdata to buy four subsidiaries of Fr...
» Welcome onboard!
» Romanian Outsourcing Awards for Excell...
» Logicom to acquire Romanian IT distrib...
» Genpact's COO: Staying ahead of the cu...
» EY: Work-life balance has become more ...
» Omnichannel: 4 pillars of a purposeful...
 
EDITOR CHOICE
Preparing for the new future

Business shared services in Romania is by nature a flexible, mobile and diverse community and in this context, local markets develop their own particularities to address the global changes, to adjust to new dem

 Read Full article »
EY: Work-life balance has become more difficult to be managed by one third of full-time employees in 8 large countries

EY's global survey of full-time workers in eight countries finds that one-third say managing work-life has become more difficult, with younger generations and parents hit hardest.

 Read Full article »
Welcome onboard!

By 2020, some 200.000 people are expected to work in business shared services in Romania, doubling the current employment portfolio enrolled in more than 120 companies operating BPO, SSC or ITO services. Howeve

 Read Full article »
Thierry Blain, SG EBS: Bringing teams to the next level

The journey of Societe Generale European Business Services began with the need for a strategic location to sustain and transform European operations of Societe Generale Group. The purpose was, from the early da

 Read Full article »
TELUS International Europe: Issue 3 - Customers First magazine! Strategy and innovation in travel and hospitality

The third issue of our Customers First magazine is now available! The latest edition is all about travel and hospitality, featuring insights from industry experts and top brands like JetBlue, Turo, Joie de Vivr

 Read Full article »
Latest News  
 
about us | newsletter | contact | members area
Copyright © 2015 by Diplomat Media Events Design by Diplomat Media Events