In the first six months of 2013, the shopping mall generated sales of EUR95.4 million and rental income of EUR14 million.
The mall was visited daily by 55,000 people in the analyzed period, compared to 52,000 people in the same interval in 2013, while its occupancy rate is still at 98%, Israeli real estate developer AFI Europe, which developed the shopping center, said in a report.
AFI Europe expects rental income of EUR29.3 million in 2014, compared to EUR28.7 million in 2013.
AFI Palace Cotroceni, AFI Europe’s first project in Romania, has a lettable area of over 80,000 square meters and a market value of EUR375 million.
AFI Europe also owns in Romania shopping center AFI Palace Ploiesti, which was opened in 2013 and has a lettable area of 33,000 sqm. It also holds office compound AFI Park, which is currently under construction near the shopping mall in Bucharest.
On the office segment, AFI Europe Romania completed AFI Park 1 and 2, the first two buildings within AFI Park in Cotroceni area, and is to deliver the third building this year. All three buildings, totaling 35,000 sqm, are entirely leased.
In 2014, AFI Europe Romania set off the construction of buildings AFI Park 4 and AFI Park 5, with a total lettable area of 32,000 sqm. Works are due to be completed in October 2015.
Between January and June 2014, AFI Europe registered rental income of EUR17.87 million in Romania, up 27% from EUR14.09 million in the year-earlier period. Total revenue stood at EUR23.7 million in the first half of the year, up 25% from the same period in 2013, due to the completion of the shopping mall in Ploiesti.
AFI Europe develops and manages several retail and residential projects in Romania, Czech Republic, Serbia, Poland, Bulgaria, Germany, and Latvia.