Israeli developer AFI Europe recorded a net operating income of EUR 12.2 million in Romania in the first three months of this year, up 12.7% year-on-year.

The developer owns two malls and five office buildings in Romania and has several other projects under development.

Its largest shopping center is AFI Cotroceni mall, which saw a net operating income of EUR 8.3 million between January and March this year, up 2.4% compared to the same period last year. The retailers in the AFI Cotroceni recorded sales of EUR 54 million during this period. The number of visitors amounted to an average of 50,000 per day.

The mall is in the process of completing expansion work, which will increase its retail area to almost 90,000 sqm.

The company’s other shopping center, AFI Ploiesti, reached a net operating income of EUR 1.2 million, up 16% over the first quarter of 2016.

The remaining EUR 2.7 million came from the AFI Park office project. The 70,000 sqm office project has reached an occupancy rate of almost 100%. The developer could sell it to Dragos Paval, the entrepreneur who controls the local DIY network Dedeman for almost EUR 164 million.

AFI Europe has started developing a new mall in Brasov and a new office project in Bucharest.

editor@romania-insider.com