Russian developer AFI Development has received approval from the City of Moscow for its $7.6 bn (EUR 5 bn) Kuntsevo project. The work will be carried out by its wholly-owned subsidiary ZAO Armand.
Russian developer AFI Development has received approval from the City of Moscow for its $7.6 bn (EUR 5 bn) Kuntsevo project. The work will be carried out by its wholly-owned subsidiary ZAO Armand.
The Kuntsevo project involves the development and redevelopment of a traffic interchange in the area of the Kuntsevo metro station together with the construction of multi-purpose facilities including a mixed-use office complex, hotel premises, leisure and entertainment centre, as well as various administrative and parking premises. The overall development area comes to 1.5 million m2.
'We are pleased to continue to demonstrate to the market our ability to always uphold the obligations we made to our investors at the time of the Initial Public Offering. Our company continues to rigorously adhere to our outlined development strategy, with each well planned step taking us closer to the realization of our projects, thereby consistently increasing shareholder value,' said CEO Alexander Khaldey.
