Real estate developer AFI Europe Romania recorded a net operating income of EUR 10.8 million in the first quarter of the year, up by 12% compared to the same period in 2015.

The AFI Palace Cotroceni shopping mall, its most important asset, saw a net operating income of over EUR 8 million in the first three months of the year, up by 9.6% year-on-year. The retailers in AFI Palace Cotroceni also increased their sales by 14%, in the first quarter of the year, to over EUR 55 million.

The AFI Palace Ploiesti shopping center also recorded a 4.6% increase in its net operating income in the first three months of the year. The sales of its retailers went up by 23% year-on-year.

The company also had 33% higher revenues from its office buildings. The AFI Park 1-3 office buildings, which are located next to the AFI Palace Cotroceni mall, are fully leased, and the new AFI Park 4&5 are 70% leased.

AFI Europe has several new projects underway in Bucharest and Brasov.

editor@romania-insider.com