The top ten mall operating companies in Bucharest recorded revenues from rents worth RON 1.046 billion (EUR 224 million) in 2018, up by 2% compared to 2017, Ziarul Financiar has calculated based on publicly available data from the Finance Ministry.

The cumulated bottom line of these ten companies went into the black in 2018, showing a profit of RON 5 million (over EUR 1 million), compared to RON 87 million losses in 2017, as some malls reduced their losses and others became profitable. In most cases, the net losses come from the amortization of the high development investments.

The mall with the highest revenues from rents and services provided to the tenants was Baneasa Shopping City, owned by local investor Gabriel Popoviciu, with RON 246 million (EUR 53 mln), almost a third of the total.

Next came the AFI Cotroceni mall, with a turnover of RON 188 million (EUR 40 mln), and Mega Mall, owned by NEPI Rockcastle, with RON 133 million (EUR 28 mln).

ParkLake mall, Sun Plaza, and Promenada make close to RON 90 mln (EUR 19.3 mln) per year each, while the two malls owned by Turkish group Anchor, Bucuresti Mall and Plaza Romania, had combined revenues of RON 101 mln (EUR 21.7 mln).

The modern retail stock in Bucharest stood at 1.2 million sqm at the end of 2018.

(Photo: Shutterstock)

editor@romania-insider.com