AFI update on Mall of Russia (3268Y)
December 21 2010 - 2:00AM
UK Regulatory
TIDMAFRB TIDMAFRB TIDMAFID
RNS Number : 3268Y
AFI Development PLC
21 December 2010
21 December 2010
AFI UPDATE ON MALL OF RUSSIA
AFI Development PLC (the "Company"), a leading real estate
company focused on developing property in Russia and the CIS, today
provides an update on the progress of its major project the Mall of
Russia.
Construction work is now complete at the Company's major retail
project at the Moscow-City development. Formerly known as Mall of
Russia while under construction, the project is now being launched
as AFIMALL City (the "Mall"). All utilities are connected,
including electricity and heating, and the area surrounding the
Mall is this week subject to final clearance and cleaning.
The shopping area of the Mall is currently over 70% let and is
on track to achieve a target of being 75% let by the end of
December. Tenants are currently accelerating their store fit-outs.
The Company filed an application with the Moscow authorities for
permission to open the facility, upon receipt of which the Mall
will be ready to open its doors to first customers. The Company
expects this to happen by the end of January 2011.
- ENDS -
For further information, please contact:
AFI Development
Stanislav Joukov
Natalia Ivanova +7 495 796 9988
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 publicly 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.
AFI Development is listed on the Main Market of the London Stock
Exchange and 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. With an existing
portfolio of 29 development projects, the Company has an unrivalled
track record of consistent growth over recent years. 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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