AFIMALL CITY: UPDATE ON DEVELOPMENT (3207C)

TIDMAFRB TIDMAFID

RNS Number : 3207C

AFI Development PLC

04 March 2011

4 March 2011

AFIMALL CITY: UPDATE ON DEVELOPMENT

AFI Development plc ("AFI Development" or the "Company") today provides an update on "AFIMALL City", its new shopping centre in Moscow (the "Mall").

Further to the announcement of February 15, 2011 with respect to the scheduled "soft opening" of the Mall in the course of March 2011, and following the obtainment of the requisite regulatory approvals for the operation of the Mall, the Company has issued operators of the rented retail units in the Mall a notice requiring them to conclude all fit-out works and prepare for the opening of their shops by March 10, 2011.

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For further information, please contact:

AFI Development

Stanislav Joukov +7 495 796 9988

Natalia Ivanova

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.

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 and customer service.

AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets in Moscow, the Moscow Region, and other major cities in Russia and the CIS. The Company's existing portfolio of 29 development projects 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

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