Board of Directors (8231Y)

TIDMAFRB TIDMAFID

RNS Number : 8231Y

AFI Development PLC

04 January 2011

4 January 2011

AFI DEVELOPMENT PLC

The Directors of AFI Development PLC ("the Company"), a leading real estate company focused on developing property in Russia and the CIS, wish to announce the resignation of Mr Avi Barzilay from the Board of Directors of the Company. Mr Barzilay notified the Board of his decision to resign with immediate effect from 31 December 2010.

Mr Barzilay has been appointed CEO of AFI Europe, a real estate developer operating in Central Eastern and South Eastern Europe and wishes to focus on his new responsibilities.

Lev Leviev, Chairman of the Board of Directors, said: "The Board wishes to express its deep thanks to Avi Barzilay for his important contribution to the business over recent years and wishes him every success in his new role".

- 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

Emily Rubin-Delanchy

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOAKMGGMZFNGMZZ

Afi Development (LSE:AFRB)
Historical Stock Chart
From Jun 2024 to Jul 2024