The Cypriot unit of Africa Israel Development has acquired two Russian companies that own several office developments in three sites in the east of Moscow. AFI Development, listed in London and chaired by Erez Meltzer, said it expects the purchase and fit-out costs to be around $243 mln (EUR 180 mln).
The Cypriot unit of Africa Israel Development has acquired two Russian companies that own several office developments in three sites in the east of Moscow. AFI Development, listed in London and chaired by Erez Meltzer, said it expects the purchase and fit-out costs to be around $243 mln (EUR 180 mln).
The properties are located on a 10-hectare site on Kossinskaya Street and have a total area of 117,000 m2, of which 111,000 m2 will be ready for occupation in the fourth quarter of 2007. AFI is planning to add up to 70,000 m2 of retail space to the buildings.
Separately, Africa Israel USA announced it is planning to acquire the landmark Clock Tower building in New York for $200 mln for a luxury residential development. Africa Israel is a conglomerate owned by entrepreneur Lev Leviev.
Click on the link below to read a profile of Lev Leviev in PropertyEU's magazine.