AFRB Afi Development Plc

 

TIDMAFRB TIDMAFID 
 
RNS Number : 0120S 
AFI Development PLC 
02 September 2010 
 

2 September 2010 
 
        AFI DEVELOPMENT SECURES US$ 74 MILLION PROJECT LOAN FROM SBERBANK 
AFI Development PLC ("AFI Development" or "the Company"), a leading real estate 
company focused on developing property in Russia and the CIS, today announces 
that it has obtained a 5-year US$ 74 million project loan from Sberbank. 
The loan will be in Russian Ruble and will be used to complete construction 
works at the Ozerkovskaya Embankment Project (Phase III), in line with the 
Company's business plan for this year as announced on 18 January 2010. 
The loan carries an initial interest rate of 13%. Following project completion, 
expected in 2011, the interest rate will be reduced to 11.75%. 
The Ozerkovskaya Embankment development site comprises four individual 
development projects located within the prestigious business area of 
Zamoskvorechie. Phase III of the project that was put on hold at the outbreak of 
the financial crisis will comprise class A office buildings and apartments with 
total area of 75,500 sq. m. The Company has decided to resume this project in 
anticipation of improving demand for class A offices in prime locations of the 
City of Moscow and in light of negotiations with a number of potential tenants 
for this property. 
 
Commenting, Alexander Khaldey, Director of AFI Development, said: 
 
"Today's financing agreement represents another important step towards the 
successful implementation of our business plan for 2010 which envisages the 
resumption of construction works at the Ozerkovskaya Embankment development. Our 
track record from the first two phases of this project speaks for itself and we 
intend to make every effort to ensure that this trend continues throughout Phase 
III of the project. At the same time, we continue to monitor trends in the 
Russian real estate market with a view to potentially restarting further 
projects from our existing portfolio during the remainder of the year". 
 
                                    - ENDS - 
 
For further information, please contact: 
AFI Development 
Natalia Ivanova 
                                    +7 495 796 9988 
Stanislav Joukov 
 
Citigate Dewe Rogerson, London 
                    +44 20 7638 9571 
David Westover 
Sandra Novakov 
Lucie Holloway 
 
About AFI Development 
AFI Development is one of the leading real estate development companies 
operating in Russia. Established in 2001 AFI Development is a publically traded 
subsidiary of Africa Israel Investments Ltd. Since 1934 Africa Israel Investment 
Ltd. has been an international investment holding with a unique 70-year 
experience in real estate development all over the world, including Europe and 
the United States. 
In May of 2007 AFI Development was successfully admitted to the Main Market of 
the London Stock Exchange. Through its IPO the company raised a total of 
approximately US$1.4 billion.  The company delivers shareholder value through a 
commitment to innovation and continuous project development, coupled with the 
highest standards of design, construction, and quality and customer service. 
AFI Development focuses on developing and redeveloping high quality commercial 
and residential real estate assets in Moscow, the Moscow Regions and other major 
Russian cities such as St. Petersburg, Perm, Volgograd, Kislovodsk. AFI 
Development has an unrivalled track record of consistent growth over recent 
years and today the company's existing portfolio has 29 development projects in 
15 locations throughout Russia. Comprising 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 growth. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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