AFI Cotroceni mall in Bucharest sees 10% higher revenues in 2016

AFI Cotroceni, one of the biggest malls in Romania, posted a net operating income (NOI) of EUR 33.8 million in 2016, up 10% compared to 2015, according to AFI Europe, the mall’s owner. In the fourth quarter of 2016, the mall’s net operating income reached EUR 12.5 million, up by 23% compared to Q4 2015. The retailers that operate in AFI Cotroceni also saw higher revenues last year. Their sales totaled EUR 240 million, up by 9% compared to 2015, AFI Europe reported. The number of visitors increased by 4% and the mall’s occupancy rate reached 99%. The mall currently has 85,000 sqm of retail space and is currently working on a 6,500 sqm expansion that will increase its shopping area to over 90,000 sqm. The new space will host a 5,200 sqm Peek&Cloppenburg fashion store. The other mall operated by AFI Europe, AFI Ploiesti, had revenues of EUR 4.5 million in 2016, up 6% over 2015. The mall in Ploiesti is also 99% occupied. AFI Europe Romania saw an overall net operating income of EUR 46 million in 2016, up by 15.5% compared to 2015. Besides the two malls in Bucharest and Ploiesti, AFI Europe also owns the AFI Park office compound in Bucharest, next to the AFI Cotroceni mall. The five office buildings have 70,000 sqm of office space and are almost fully leased, most of their tenants being companies in the IT&C sector. The Israeli group is currently negotiating the sale of the five buildings and Dedeman owners Dragos and Adrian Paval are among the potential bidders, according to the Romanian media. AFI Europe plans to accelerate the development of new projects in Romania and add some 80,000 sqm of new office and retail space. The group has already started the first phase of its AFI Tech Park office project in western Bucharest. AFI will also develop a 40,000 sqm mall and a 15,000 sqm office project in Brasov. The group will also start working on its first residential project in Romania, AFI City, in northern Bucharest, on the platform of the former Laromet factory. editor@romania-insider.com