AFI Palace Cotroceni shopping mall in Bucharest generated total sales of EUR 145 million in the first 9 months of 2013, up 5.3 percent y-o-y, announced the company. AFI Europe Romania, the project’s developer and property manager, reported a EUR 21.2 million net operating income, up 8 percent y-o-y.In the first 9 months of 2013, the mall reported some 14 million visitors.
AFI Palace Cotroceni has a 80,000 sqm leasable area and was opened in 2009. It is the biggest and most important asset in the developer’s local portfolio. It was evaluated at EUR 375 million at the end of September.
The developer also announced that AFI Palace Ploiesti, the mall which it opened this September following a EUR 50 million investment is now worth EUR 58 million.
In Romania AFI Europe has also invested in the office segment. It is presently developing the AFI Park project near AFI Palace Cotroceni which will comprise 5 office towers. The first building (12,150 sqm) was completed in September 2012 and is fully leased. The second building will be completed in April 2014 and is fully leased by Electronic Arts, according to company data.
The company started the works for AFI Park 3, with a rentable area of 12,150 sq. m, to be completed in December 2014.
AFI Europe is now focusing on the development of additional commercial projects - AFI Palace Arad, a retail park with 30,000 sq.m GLA, to be built in downtown arad on 80,000 sq m plot and AFI Palace B.Noi, a commercial centre on 36,000 sq. m GLA built in Bucurestii Noi district in the Bucharest’s sector 1.
AFI will also develop an office scheme, AFI Business Park, with 50,000 sq. m A category GLA, in the proximity of J.W. Marriott hotel and the Parliament. The business park will include 4 smaller office buildings and an office tower. (source: dailybusiness.ro)
