South African real estate investment fund Mas Real Estate, highly active on the Romanian market, recorded EUR 70 million in revenues, in the first half of the year, about EUR 30 mln more than in the same period last year, Economica.net reported.
Its profit increased at an even higher rate: it nearly tripled from EUR 21 mln to EUR 61 mln.
The company owns the Military Shopping Center (56,200 sqm), which will be expanded to 80,000 sqm, as well as Atrium Mall Shopping Center (28,600 sqm), operated by its local partner, Prime Kapital.
The company recently announced that it will sell its western European properties to “cautiously invest” the money in the eastern part of the continent.
This year, Mas Real Estate bought in Romania a network of nine shopping centers, located in Roman, Baia Mare, Slobozia, Focșani, Târgu Secuiesc, Râmnicu Sărat, Făgăraș, Sebeș and Gheorghieni, for a combined price of EUR 109 mln.
The value of the company's properties increased by 52.4%, over the past 12 months to EUR 965 mln while the revenues from rents increased by 60% to EUR 51.6 mln in the first half of year.
South African developer and real estate investor MAS RE, which owns and develops, in partnership with Prime Kapital, 12...