Mirland Development Corporation, the Cypriot-based real estate company, has completed the acquisition of a Cyprus-based company that holds 58% of a Russian group with leasehold rights in land to be used for Mirland's skyscraper development project in Moscow. The price for the acquisition comes to EUR 10 mln, of which EUR 1.2 mln have already been paid.
Mirland Development Corporation, the Cypriot-based real estate company, has completed the acquisition of a Cyprus-based company that holds 58% of a Russian group with leasehold rights in land to be used for Mirland's skyscraper development project in Moscow. The price for the acquisition comes to EUR 10 mln, of which EUR 1.2 mln have already been paid.
The Russia-focused property developer said it has entered into an agreement to acquire a further 21% stake in the Russian company for about EUR 3.4 mln, news agency AFX News said. Mirland added it intends to close this additional agreement 'conditional on satisfaction of certain conditions'.
Mirland was incorporated in 2004 and operates solely in Russia. It is controlled by the Fishman Group, an international real estate investment and development group based in Israel. Mirland says it is 'one of the few developers in Russia to build international quality commercial and residential properties employing Western business practices'.
