In January-June 2016, S IMMO AG reported total revenue of EUR95.3 million in Romania, compared with EUR92.2 million in the same period in 2015. Also, its rental income rose by EUR4 million, compared with the same period in 2015, due to acquisitions carried out starting 2015.
The markets in Southeast Europe (including Romania, Croatia and Bulgaria) account for 30.2% of the group’s overall rental income, followed by Germany (27.3%) and Austria (25.5%). Overall, the EBIT (earnings before interest and taxes) grew significantly compared with the previous year, reaching EUR145.9 million, compared with EUR49 million in the first six months of 2015.
S IMMO AG has invested over EUR200 million on the Romanian market to date, including Sun Plaza and Sun Offices in southern Bucharest and the Novotel Bucharest Business Centre hotel on Calea Victoriei Roadway. The company is also remodelling and extending shopping mall Sun Plaza, and building office compound THE MARK in the vicinity of Victoriei Square. Overall, these properties have a global built-up area of over 250.000 square meters.
The Mark is the first major office project, of class A+, developed in Bucharest’s central business area, after a nearly ten-year hiatus. The project has a total built-up area of 43.000 sqm and a lettable area of approximately 25.500 sqm, distributed in two class A+ buildings.
The total investment in this project is estimated at nearly EUR45 million. Works started in July 2016 and are due for completion in the second quarter of 2018.
Inaugurated in February 2010, Sun Plaza has a total built-up area of approximately 200.000 sqm and a lettable area of over 80.000 sqm. Sun Plaza s managed by CBRE Romania and held by S IMMO AG. The reconfiguration of Sun Plaza started in the first quarter of 2016 and will be completed in the first quarter of 2018. Sun Plaza has an occupancy rate of 100% and 85% of the area to be inaugurated in 2018 is already pre-leased. The remodeling of Sun Plaza amounts to EUR30 million.