Immofinanz sees rents down but doubles operating profit in Romania

Austrian real estate group Immofinanz posted a EUR 35.2 million rental income in Romania in the first nine months of the financial year 2014-2015, down 2.7% year-on-year. It also recorded a EUR 18.1 million operating profit, double compared to the same period last year. The Austrian group has 15 properties valued at EUR 658 million in Romania, whereas its entire portfolio is valued at about EUR 950 million. Between November 2014 and January 2015, these properties generated a rental income of EUR 11.5 million. The eight office projects in Bucharest brought EUR 5.7 million, whereas the four shopping malls elsewhere in Romania brought EUR 5.2 million. editor@romania-insider.com