Israeli real estate developer AFI Europe Romania posted a net operating income of EUR 20 million in the first half of the year, up by 8.4% year-on-year. In the second quarter of the year, the net operating income amounted to EUR 10 million, up 8.3% compared to the same period in 2014.

The AFI Palace Cotroceni shopping center, which is the company’s most important asset, generated a net income of EUR 15.2 million in the first half of the year, up 4% compared to 2014. The net operating income in the second quarter of the year reached EUR 7.8 million, up 7% compared to 2014.

AFI Palace Cotroceni retailers’ sales, excluding the hypermarket, rose by 7.5% in the first half of the year and by 6% in the second quarter of the year. The occupancy rate reached almost 99%.

The rest of the revenues came from the AFI Palace Ploiesti shopping center (EUR 2 million) and the three office buildings in Bucharest.

The company has a total leasable area of 150,000 sqm, which will grow by another 32,000 sqm once the AFI Park 4&5 office building are finalized. AFI has three new projects in the pipeline: a shopping center in Brasov, an office project in Bucharest, and a mixed project in northern Bucharest, which have a total surface of almost 400,000 sqm.

editor@romania-insider.com