AFI Development PLC ACQUIRES REMAINING 5% STAKE IN TVERSKAYA PLAZA IV (3542Y)
March 02 2017 - 4:36AM
UK Regulatory
TIDMAFRB TIDMAFID
RNS Number : 3542Y
AFI Development PLC
02 March 2017
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION
IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA,
AUSTRALIA OR JAPAN
AFI DEVELOPMENT PLC
("AFI DEVELOPMENT" OR THE "COMPANY")
AFI DEVELOPMENT ACQUIRES REMAINING 5% STAKE IN TVERSKAYA PLAZA
IV
London, 2 March 2017 - AFI Development announces completion of
the transaction involving acquisition of the remaining 5% stake in
the Tverskaya Plaza IV project ("the Project") from its partner,
for US$1.5 million in cash.
AFI Development has acquired 5% of the shares in Beslaville
Management Limited, a subsidiary holding rights to the Project,
increasing its share in the Project from 95% to 100%.
Plans envisage that Tverskaya Plaza IV will become a grade A
office complex with supporting ground level retail zones, located
at 11, Gruzinsky Val, Moscow. The project has a gross buildable
area of 108,000 sq.m (including underground parking) and an
estimated gross leasable area of 61,350 sq.m.
- ENDS -
For further information, please contact:
AFI Development, +7 495 796 9988
Ilya Kutnov, Corporate Affairs/Investments Director (Responsible
for arranging the release of this announcement)
Citigate Dewe Rogerson, London +44 20 7638 9571
David Westover
Sandra Novakov
This announcement contains inside information.
About AFI Development
Established in 2003, AFI Development is one of the leading real
estate development companies operating in Russia.
AFI Development is listed on the Main Market of the London Stock
Exchange and aims to deliver shareholder value through a commitment
to innovation and continuous project development, coupled with the
highest standards of design, construction and quality of customer
service.
AFI Development focuses on developing and redeveloping high
quality commercial and residential real estate assets across
Russia, with Moscow being its main market. The Company's existing
portfolio comprises commercial projects focused on offices,
shopping centers, hotels and mixed-use properties, and residential
projects. AFI Development's strategy is to sell the residential
properties it develops and to either lease the commercial
properties or sell them for a favorable return.
AFI Development is a leading force in urban regeneration,
breathing new life into city squares and neighborhoods and
transforming congested and underdeveloped areas into thriving new
communities. The Company's long-term, large-scale regeneration and
city infrastructure projects establish the necessary groundwork for
the successful launch of commercial and residential properties,
providing a strong base for future.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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