AFI adds to its development projects in Russia

AFI Development, the real estate developer focused on Russian property, has announced acquisitions to add to the value of three of its major schemes. For its Tverskaya Zastava redevelopment project in central Moscow, it has paid $82.88 mln (EUR 58 mln) to increase its stake in the holding company of Plaza IV shopping centre from 25% to 95%. Upon completion, Plaza IV is expected to comprise a total of 63,278 m² of office space, 2,976 m² of retail space and 25,000 m² of underground parking. Including Plaza IV, the aggregate gross lettable area of all the phases of Tverskaya Zastava project is expected to total over 465,000 m².

AFI has also increased its stake in another mixed-use development project in Volgograd from 78% to 100%, bringing its total investment to about $17 mln (EUR 12 mln). The completed 150,000 m² project is expected to comprise retail space, office space, a hotel and parking spaces. The third transaction involves the purchase of an additional 2.2 hectares of land adjacent to its recently acquired Pochtovaya project on the Yauza River front in Moscow, for $37 mln (EUR 26 mln). Here the scheme currently comprises 80,000 m² zoned for hotel and residential use, another 80,000 m² of office space and 67,000 m² of underground parking. The new purchase brings AFI's total acquisition price for the Pochtovaya project to $141.3 mln (EUR 99.3 mln).