AFI Development PLC ACQUIRES REMAINING 5% STAKE IN TVERSKAYA PLAZA IV (3542Y)

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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, [phone]

Ilya Kutnov, Corporate Affairs/Investments Director (Responsible for arranging the release of this announcement)

Citigate Dewe Rogerson, London [phone]

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

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March 02, 2017 05:36 ET (10:36 GMT)