Israeli real estate developer increases revenues in Romania

Israeli real estate developer AFI Europe recorded a net operating income of EUR 22.2 million in Romania in the first six months of the year, up 13.1% over the same period in 2015. The group owns one of the Bucharest’s most popular shopping centers, AFI Palace Cotroceni, which saw a net operating profit of over EUR 16.5 million in the first half of the year, up 8.6% year-on-year. The retailers operating in AFI Palace Cotroceni recorded sales of over EUR 112 million during this period, up 14% year-on-year. AFI Palace Ploiesti, another shopping mall owned by the group in Ploiesti, recorded a net operating income of over EUR 2.2 million, up 8.1% compared to the first six months of 2016. The group’s office project called AFI Park, located near the AFI Palace Cotroceni mall in Bucharest, increased its revenues by almost a half, after completing the AFI Park 4&5 office buildings. The office project’s total operating income amounted to EUR 3.4 million. editor@romania-insider.com