Mirland Development Corporation announced on Wednesday that it is taking full ownership of its major Moscow skyscraper project. The Cypriot-based developer of residential and commercial property in Russia said it is to obtain the remaining 21% interest in a Russian company that has the leasehold rights on the land to be used for the project for $ 4.5 mln (EUR 3.2 mln), minus approximately $ 600,000 of debt owed by the Russian company. Mirland already owned an effective 79% interest in the Russian company. At end-June 2007, the Skyscraper project was worth just under $ 143 mln (EUR 100 mln).

Mirland Development Corporation announced on Wednesday that it is taking full ownership of its major Moscow skyscraper project. The Cypriot-based developer of residential and commercial property in Russia said it is to obtain the remaining 21% interest in a Russian company that has the leasehold rights on the land to be used for the project for $ 4.5 mln (EUR 3.2 mln), minus approximately $ 600,000 of debt owed by the Russian company. Mirland already owned an effective 79% interest in the Russian company. At end-June 2007, the Skyscraper project was worth just under $ 143 mln (EUR 100 mln).

To avoid delaying the acquisition of the final stake, Mirland waived the condition that construction permits be obtained prior to closing of the deal. The company is progressing towards the final stages of design for the project as part of the process of securing the necessary construction permits.

Mirland said the deal enables it to move ahead with its plans to develop a 47-storey office tower, offering 90,000 m2 of prime lettable office space and 1,500 parking spaces, at Dmitrovskoe schosse 1 Moscow. Moshe Morag, chief executive, said: 'This final acquisition places us firmly on track to commence construction of this exciting development in a prime location near to Moscow's third ring in Spring 2008. Mirland raised £143.4 mln (about EUR 213 mln) through an initial public offering of 30 million new shares in London last December to fund the development of the Moscow skyscraper and expand the rest of its portfolio.