Four of the top shopping projects of Bucharest, AFI Palace Cotroceni, Băneasa Shopping City, Unirea Shopping Center and Bucureşti Mall, can be valued at more than 1bn euros, taking into account rent income and the yields at which deals with these shopping centres could be inked at.
The most expensive mall built in Romania so far, AFI Palace Cotroceni, was valued at 350m euros by DTZ Echinox consultancy in late September. The consultants took into account an 8.5% annual yield, in euros, which could be accepted by potential buyers. Starting from the respective data, ZF tried to assess the shopping centres boasting the biggest rent income in 2009.
Băneasa Developments, which owns Băneasa Shopping City, last year generated 31.3m-euro revenues. Thus, the project controlled by Gabriel Popoviciu can be valued at 330-370m euros provided revenues remain constant in the following years and potential investors buy the property at an 8.5%-9.5% yield in euros annually.
Adamescu family last year posted 23m-euro revenues related to Unirea Shopping Center of Bucharest and Braşov, with the Bucharest project put at around 180-200m euros.
The Vitan mall in 2009 reached 19m-euro revenues and can thus be put at over 200m euros.
However, buyers for such projects are hard to find during this period because of the high borrowing costs.
Four of the top shopping projects of Bucharest, AFI Palace Cotroceni, Băneasa Shopping City, Unirea Shopping Center and Bucureşti Mall, can be valued at more than 1bn euros, taking into account rent income and the yields at which deals with these shopping centres could be inked at.
The most expensive mall built in Romania so far, AFI Palace Cotroceni, was valued at 350m euros by DTZ Echinox consultancy in late September. The consultants took into account an 8.5% annual yield, in euros, which could be accepted by
