AFI Development plc (LSE:AFID), the Russian development arm of Lev Leviev-controlled Africa-Israel Investments Ltd. (TASE:AFIL), today announced that it expects to open its flagship Mall of Russia in Moscow by the end of January. The company had previously set an early December opening date. The company has also renamed the project AFIMALL City.
The delay in the mall's opening means that it misses the Christmas shopping season. Christmas in the Russian Orthodox Church calendar falls on January 7, rather than on December 25.
AFI Development said that construction work is now complete, all utilities are connected, including electricity and heating, and the area surrounding the mall will be cleared and cleaned this week. It is now waiting for the Moscow authorities to issue a permit for the mall.
AFI Development added that 70% of the mall is now leased, and it expects to reach the 75% leasing target by the end of December.
AFI Development's share opened at $1.14 in London today, giving a market cap of ₤725 million. Africa-Israel's share price was unchanged in early trading on the TASE at NIS 22.90, giving a market cap of NIS 2.4 billion, after falling almost 5% in the past two days.
Published by Globes [online], Israel business news - www.globes-online.com - on December 21, 2010
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