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
Four companies represent Romania in Deloitte 2017 Technology Fast 500TM EMEA rankings

Trencadis, Tremend, APSISWARE and Qualitance represent Romania in this year's Deloitte's Technology Fast 500 rankings for Europe, the Middle East, and Africa (EMEA).

 Read Full article »
ABB opens the first robotics training centre in Romania

Industrial robotics giant ABB has opened what is said to be the "first-ever" robotics centre in Romania,a public-private partnership between ABB and the Polytechnic University in Bucharest.

 Read Full article »
Romania's IT industry could grow at an annual pace of 9 percent until 2025

Romania's IT industry could grow at an annual pace of 9 percent until 2025 and cooperation among the relevant entities is the key to the future, president of the Smart Alliance cluster Gabriel Munteanu told t

 Read Full article »
Vitruvian Partners investment fund has purchased 30pct of Bitdefender from Axxess Capital

The Vitruvian Partners investment fund has purchased 30pct of Bitdefender from Axxess Capital, thus becoming the second biggest shareholder of the company evaluated at over USD 600 million, the software produc

 Read Full article »
Accenture pledges thousands of hours to bring coding to students

Accenture employees across 56 countries have pledged to complete more than 10,000 Hours of Code and lead coding tutorial sessions around the world during Computer Science Education Week, Dec. 4-10, as part of t

 Read Full article »
CTP was nominated in four categories at the CIJ Awards Gala 2017

CTP, the leading premium industrial parks developer and long-term manager in Romania and Central and Eastern Europe, was nominated in four categories at the tenth edition of CIJ Awards Gala, which will take pla

 Read Full article »
How does leadership look today?

This summer, Outsourcing Today organized LEARNING & DEVELOPMENT Roundtable at InterContinental Hotel in Bucharest. The event brought together the business services professionals to discuss and discover new tool

 Read Full article »
Ericsson names new Romania country manager

Swedish telecom equipment maker Ericsson named Dragos Mircea Rebegea as new country manager for Romania.

 Read Full article »
Workplace – Building new approaches

The real estate market in Romania is living the wobbly times, in consonance with everything that is happening in Romania. The growing Euro rate and the instability and unpredictable times make of Romanian consu

 Read Full article »
Embracing limitless learning

The growth of any business relies on the development of its own people that consists it. That is no wonder that, in an industry such as outsourcing and IT that learns together with its shareholders how to adjus

 Read Full article »
 
 
MOST READ ARTICLES
» Committed to growth
» TELUS International: How customer serv...
» Stay updated on People in Shared Serv...
» Genpact to hire more than 10,000 peopl...
» Luxoft expands Asia Pacific presence w...
» IBM leases 18.000 sqm in Forte Partner...
» Leoni to open new SSC in Cluj, cut job...
» Romanian real estate investments up 80...
» Exclusive OT: Iasi business services e...
» TELUS International Europe: How Millen...
 
EDITOR CHOICE
TELUS International: How customer service significantly improves with diversity in the workplace

Discover how cultivating a diverse workforce helps companies enhance their brand, attract top talent and deliver exceptional customer service

 Read Full article »
Committed to growth

In the current swelling race of reaching the perfect algorithm for growth, companies operating various outsourcing services in Romania all relate to the main key drivers for business development in which people

 Read Full article »
Shifting the workplace perspective towards high-end added value

This month, OUTSOURCING TODAY organized The Workplace of the future in IT and Outsourcing at Caro Hotel Bucharest, a new concept event meant to connect fast-growing corporate tenants from IT and outsourcing ind

 Read Full article »
Andrei Romanescu, Managing Director of Veeam Romania: Outsourcing sector, a decade evolution

Since the early 2000s, this sector has grown at a significant rate (about 20-30% per year). The industry has evolved from focusing on cost and labour arbitrage to adding value – therefore the growth is not so

 Read Full article »
TELUS International Europe: Discover how successful smart-home providers deliver exceptional customer service

Key Takeaways

• Internet of Things (IoT) connected home devices are making the contact center and customer service more important than ever. • A friendly approach and positive attitude are import

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