AFI Development, a property developer focused on the Russian market, has taken a 51% stake in the Botanic Garden mixed use project in northern Moscow for about EUR 14 mln. The 187,000 m[sup]2[/sup] Botanic Garden development includes three residential towers with a total lettable space of 67,000 m2, 14,700 m[sup]2[/sup] of commercial space and 1,300 parking spaces.
AFI Development, a property developer focused on the Russian market, has taken a 51% stake in the Botanic Garden mixed use project in northern Moscow for about EUR 14 mln. The 187,000 m2 Botanic Garden development includes three residential towers with a total lettable space of 67,000 m2, 14,700 m2 of commercial space and 1,300 parking spaces.
AFI also reported pre-tax profit for the nine months to end-September of US$ 103.6 mln (EUR 69.8 mln), up from US$ 1.7 mln in the year-earlier period.
'We have continued to make significant advances in delivering our strategy since 30 June 2007. We continue to make very strong progress in terms of our leasing and construction programmes, achieving rental levels well ahead of expectations,' chairman Erez Meltzer said in a statement.
