Large Bucharest mall brings 4% revenue increase

The owner of AFI Palace Cotroceni mall in Bucharest saw its revenues up 4% last year, to some EUR 37.3 million, EUR 30 million of which were net operational revenues. Meanwhile, the sale of retailers within the mall rose 5% in 2014, with a peak growth of 9% in the fourth quarter of the year. These sales however did not include the hypermarket. With a current occupancy rate of 98%, the mall on some 81,000 sqm welcomed an average of 52,000 people a day throughout 2014. The Bucharest-based mall was evaluated at EUR 401 million end-September 2014, up 7% year-on-year. The owner’s projects and land plots, which also include offices in Bucharest and retail in Ploiesti, are evaluated at some EUR 670 million, said David Hay, CEO of AFI Europe Romania. The shopping mall in Ploiesti, AFI Palace Ploiesti, saw its operational revenues at EUR 4 million in 2014. Its value rose to EUR 66 million, from a previous valuation of EUR 56.5 million in 2013. The two office buildings AFI Europe România owns in Bucharest, AFI Park 1 and AFI Park 2 brought in a net operational revenue of EUR 3.5 million. The developer also finalized AFI Park 3 last year and is currently working on finalizing AFI Park 4&5. editor@romania-insider.com