Bucharest mall exceeds EUR 0.5 bln valuation after expansion

The AFI Cotroceni shopping mall in Western Bucharest has exceeded the EUR 500 million valuation threshold after its recent expansion, according to its developer AFI Europe Romania. The mall reached 90,000 sqm of leasable space through expansion. It welcomed a 5,200 sqm Peek & Clopenburg store, the largest in Romania, and a 4,000 sqm Zara store, the largest in Central Eastern Europe. The Bucharest mall made EUR 34 million in operational revenues last year, a 2% year-on-year increase. Its retailers increased their sales by 5%, to some EUR 241 million. The mall developer also owns the AFI Ploiesti shopping mall, some 34,000 sqm of leasable space, which brought it EUR 5 million in revenues in 2017. It also owns the AFI Park project - five office buildings near the AFI Cotroceni mall. The 70,000-sqm office park was valued at EUR 165 million and generated EUR 13 million in estimated annual revenues. Overall, AFI Europe Romania increased its net operating income by 10% last year, to EUR 51 million. The group has three other ongoing projects in Romania, namely and mixed-use project (mall and offices) in Brasov, a business park in Bucharest and a residential project in Northern Bucharest. editor@romania-insider.com