AFI Development plc (LSE:AFID), the Russian development arm of Africa-Israel Investments Ltd. (TASE:AFIL) controlled by Lev Leviev, has announced that it has sold a 2,700 place car park to VTB Bank OAO (MTX: VTBR), Russia's second largest bank, for $57 million. The three-floor car park is in AFI Development's flagship AFIMall project in Moscow.
In the first phase, VTB will acquire from AFI Development 21,354 square meters of parking space for $57.1 million. In the second phase in three years, the two sides will exchange areas with AFI Development receiving 9,247 square meters for a different area of 7,847 square meters. The bank will receive $2.6 million.
The deal is taking place in two stages because AFI Development's rights have not yet been registered for the areas that the bank is most interested in.
Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012