Bucharest’s two biggest malls make over EUR 19 mln profits

Baneasa Shopping City and AFI Palace Cotroceni, Bucharest’s biggest shopping malls, had combined revenues of over EUR 80 million and EUR 19.2 million net profits in 2015, reports local Ziarul Financiar. Baneasa Shopping City, which is controlled by local investor Gabriel Popoviciu, had a turnover of EUR 47 million, 5% higher than in 2014, and a net profit of EUR 13.7 million, up 11.5% year-on-year. AFI Cotroceni, which is part of Israeli group AFI Europe, had EUR 33 million worth of revenues, up 4%, and a net profit of EUR 5.5 million. Mega Mall, Bucharest’s newest shopping center, inaugurated in May 2015, had a turnover of almost EUR 17 million in 2015. The company that owns the mall, however, posted EUR 43 million worth of losses. South-African investment fund NEPI owns Mega Mall as well as Promenada Mall, in northern Bucharest. Promenada had EUR 14.2 million revenues, slightly lower than in 2014, and EUR 25 million losses. Sun Plaza, which is owned by Austrian group S Immo, fell to fourth place last year, with revenues of EUR 15.7 million. However, it had a net profit of EUR 21 million, probably due to asset reevaluation. editor@romania-insider.com