Russian property builder AFI Development said it has received a refinancing loan for its Four Winds mixed-use building in Moscow from the Russian MDM Bank. The new loan, totaling $150 mln (EUR 101 mln), is to be repaid in the next eight years. AFI Development owns a 50% stake in the office scheme which has a total area of 28,000 m[sup]2[/sup]. The complex is fully leased out to three tenants and consists of two 10-storey buildings providing 17,500 m[sup]2[/sup] of office accomodation, 3,400 m[sup]2[/sup] of retail space and a parking area of 5,000 m[sup]2[/sup]. Four Winds is located in the Tverskoy district of Moscow to the northwest of the city centre.

Russian property builder AFI Development said it has received a refinancing loan for its Four Winds mixed-use building in Moscow from the Russian MDM Bank. The new loan, totaling $150 mln (EUR 101 mln), is to be repaid in the next eight years. AFI Development owns a 50% stake in the office scheme which has a total area of 28,000 m2. The complex is fully leased out to three tenants and consists of two 10-storey buildings providing 17,500 m2 of office accomodation, 3,400 m2 of retail space and a parking area of 5,000 m2. Four Winds is located in the Tverskoy district of Moscow to the northwest of the city centre.

AFI posted a pre-tax profit of $285 mln in the first nine months of 2009, up 87% year-on-year from $35.7 mln in the same period a year before. Third-quarter revenues increased by 48% to $17.2 mln compared to $9.1 mln in the same period of 2008, the company said.

The Russian group said the leasing for the Mall of Russia development is progressing with further non-binding memoranda of understanding being converted to lease agreements. The shopping centre is currently 35% pre-let, while an additional 30% to 35% of retail space is being negotiated. 'A relative stabilization of the real estate market in Moscow seems to have been achieved over the course of the third quarter of 2009 across all asset classes,' the company said this week, adding that as a result it has decided to resume construction of its Tverskaya Zastava project as well as its Ozerkovskaya III and Paveletskaya office developments.

'Although our market environment remains difficult, we are pleased to see some signs of stabilization across all asset classes, as well as some improvement in access to liquidity for the real estate companies in Russia,' said CEO Alexander Khaldey. Looking forward, the company will focus on the completion and leasing of the Mall of Russia development and is considering to resume construction on a number of other projects.

'As a result of recent market stabilization, we are in the process of reviewing our short-term strategy with a view to potentially reactivating other projects which are at a relatively advanced stage of development, depending on future market trends,' Khaldey said.