AFI Development plc (LSE:AFID), the Russian development arm of Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, announced on Friday that it had acquired the remaining 50% stake in the Ozerkovskaya project in Moscow from its partner in the project for $230 million. Payment will be in installments, with the first $100 million due within three business days from the signing of the deal. The final $10 million payment is due by the end of 2013.
The Ozerkovskaya project is a mixed residential and office project in four buildings.
AFI Development has recently carried out a number of large transactions. In mid-December, it announced the sale of its rights in a Moscow property for $104 million. A month ago, it received $60.7 million from VTB Bank, after completing the first part (90%) of the sale of part of the AFIMall City parking garage, which has 2,700 parking spaces. VTB Bank is Russia's second largest bank. The three-floor car park has three underground levels. In the first stage, VTB Bank bought 21,254 square meters of the parking garage.
Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2013
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