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The most profitable commercial centers in Bucharest
Sun Plaza Mall, Plaza Mall and Cocor registered last year overall losses of 27.5 million euro, exceeding the profit of 21.96 million euro cumulated by Baneasa Shopping City, Cotroceni Park, Unirea Shopping Center, Bucuresti Mall and Grand Arena.
The business figure of the 8 malls analysed according to data supplied by the Trade Registrar grew in 2012 by 5% to 139.4 million euro in 2011. The owners of Bucharest malls gained 132.7 million euro from rents alone.
The performance of each mall differs, the best results of 2012 being those of Baneasa Shopping City, developed by Puiu Popoviciu and Cotroceni Park, held by the Israeli company AFI Europe. The poorest results were those of Cocor, Plaza Mall and Sun Plaza.
Baneasa concluded 2012 with 38.8 million euro, on the rise by 16.5% against 2011, doubling its profit from 5.2 million euro to 11.8 million euro.
Cotroceni Park, the largest investment of the kind in Bucharest, produced rents of 29.4 million euro, while the profit grew from 1.7 million euro to 5.4 million euro.
Unirea Shopping Center, held by Adamescu family, ranks third according to the business figure, with 18.6 million euro, the same as in 2011. Its profit grew from 0.825 million euro to 1.3 million euro.
Sun Plaza, the group developed by the Austrian group S Immo, ranks 4th with business of 15.5 million euro, on the rise by 10%. The mall doubled its losses last year by 17 million euro.
Bucharest Mall, the first mall built in Romania after 1989, held by Anchor Group from Turkey, lost ground in front of more recent constructions. The Vital mall had a business figure of 14.5 million euro in 2012, leas than the 16.4 million euro profit of 2011. Its profit also dropped from 4.6 million euro to 3.2 million euro.
Significantly affected by the opening of Cotroceni Park, Plaza Mall, the second project of Anchor Group Bucharest continued in 2012 with losses of 7 million euro ( 4.2 million euro in 2011) and business of 11.8 million euro (12 million euro in 2011).
The poorest performances were registered by Grand Arena, owned by Euroinvest Intermed of France and by Cocor Mall. Grand Arena reported business of 8 million euro in 2012 with profit of 0.198 million euro, compared to incomes of 7.7 million euro and profit of 1.9 million euro in 2011. At the same time Cocor had incomes of 2.7 million euro against 5 million euro but reduced losses to 3.6 million euro from 8.1 million in 2011.
Liberty Center is a Bucharest mall which did not communicate results for 2012 at the Trade Registrar.