Baneasa Shopping City took the top spot again, having overshot the RON200 million mark in 2015, with rent income reaching almost RON209 million, and profit of about RON73 million from the retail area of the Baneasa project. The income was 5% higher than in 2014 and the net profit margin stood at 29%, according to ZF’s calculations based on the data on the Finance Ministry website.
Debt shrank 6% to RON423.5 million. Overall debt of Baneasa Developments, the operator of the Baneasa Shopping City, had dropped 20% since the opening of the complex until the end of last year.
The stores renting space there made EUR205 million sales in 2014, the same as in 2013.
Second leading mall, AFI Palace Cotroceni of AFI Europe, posted RON146.8 million revenue, almost 4% higher than in 2014. Tenant sales were up 5% in 2014 from the EUR205 million of 2013.
ELJ Vatra SRL, which manages Mega Mall of South Africa’s NEPI, ended 2015, the first full year of rent income from its retail space tenants, with RON75.3 million revenue. The operator ended the year in the red, with three times higher losses than its revenue.
The second mall of NEPI, Promenada, managed by Floreasca City Center, posted RON63.2 million revenue and RON112.4 million losses, according to the Finance Ministry website. NEPI bought Promenada from Austria’s Raiffeisen Evolution in a deal put at EUR150 million in 2014.
The manager of Sun Plaza mall in Bucharest, Societate Dezvoltare Comercial Sudului (SDCS), made record profit last year, RON92.6 million compared with RON1.5 million in 2014, according to its report with the Finance Ministry. The profit was higher than last year’s revenue, which stood at RON70 million.
The malls of the Anchor group, the first to open in Romania – Bucuresti Mall and Plaza Romania, posted RON76.9 million together, down about 3% on 2014, when revenue stood at RON79.5 million. The decline is because of the remodeling process the two malls went through that last almost two years and took EUR26 million investments.
Militari Shopping Center in the west side of Bucharest, managed by Land Development Project, posted RON38.8 million revenue in 2015, up almost 2% on 2014. This shopping center, too, is undergoing some remodeling to make room for a new World Class center that will take up 2,500 square meters and include a semi-Olympic swimming pool, scheduled to open in August. The World Class center located next to Bebe Supermarket and Diego is part of a broader plan to reorganize and expand the retail park in a EUR10 million investment by its owner Atrium European Real Estate Limited.
Unirea Shopping Center has not revealed its 2015 results yet; 2014 revenue stood at RON77.1 million from both centers in Bucharest and Brasov, according to the latest available data.
Vulcan Value Center, managed by NEPI, ended its first full year in business with RON20.3 million revenue and almost RON18 million losses. (EUR1=RON4.5189)
(English version by Loredana Fratila-Cristescu)