Bucharest's AFI Cotroceni mall ups net operating income by 10%

AFI Palace Cotroceni, one of the biggest shopping malls in Bucharest, recorded a net operating income of EUR 25 million in the first nine months of the year, up 10% over the same period of 2015. The mall had an estimated value of EUR 467 million at the end of September, up 7.6% over the same period last year. The shopping center is currently going through an expansion process, which will add an additional surface of 6,500 sqm to its rentable area. A new assessment process will be carried out afterwards. Compared to last year, the sales of the retailers active in AFI Cotroceni rose by 12%, to EUR 170 million, as the number of visitors went up by 5.5%. The mall’s occupancy rate amounts to 99%. At group level, AFI Europe Romania posted a net operating income of over EUR 34 million, up 14% year-on-year. Its commercial properties, both the ones that are completed and the ones that are in development, are valued at over EUR 800 million, up 10% compared to September 2015. AFI Europe also owns a mall in Ploiesti and five office buildings next to its mall in Bucharest. AFI Plans to sell the five office buildings at once and to continue its developments in Romania, which include a mall in Brasov and a new office project near the JW Marriott hotel in Bucharest. editor@romania-insider.com