Biggest mall in Romania valued at EUR 545 million

AFI Cotroceni, the biggest mall in Romania, owned by Israeli group AFI Europe Romania, had an estimated value of EUR 545.5 million at the end of June 2018, 9% higher than in 2017, according to the group’s report. The mall reached a net operating income of EUR 18.1 million in the first half of this year, up by 8.2% compared to the same period of 2017. The number of visitors also increased by 9% and the combined sales of retailers in the mall reached EUR 120 million, up 7.5% over the first half of 2017, according to company data. The mall has a leasable area of 90,000 sqm and is 98% occupied. AFI Europe also owns a mall in Ploiesti, which generated a net operating income of EUR 2.4 million in the first half and was valued at EUR 68.5 million. The mall has 34,000 sqm of retail space and is 99% occupied. The group’s assets in Romania include the five office buildings of the AFI Park project, with a leasable area of 70,000 sqm and an estimated market value of EUR 175 million, up 6% over last year. The five buildings generated a net operating income of EUR 6.5 million in the first half. The group’s revenues in Romania thus reached EUR 27 million in the first half, up 9% yoy. In the second half of this year, AFI will open the first building of its AFI Tech Park office project in Bucharest. Next year, the company will open its third mall, in Brasov, which also has an office component. The company also started working on its first residential project in Bucharest. AFI Europe negotiates EUR 300 mln refinancing for biggest mall in Romania editor@romania-insider.com