AFI Development, the largest overseas property company listed in London, has secured its maiden deal with the acquisition of 1.2m sq ft of development projects in Moscow.
The Cypriot subsidiary of the company, which is chaired by Erez Meltzer, has bought two Russian companies and their interests in the development projects close to Kossinsakaya Street in the Russian capital.
AFI plans to develop up to 753,000 sq ft of retail space on the site and the aggregate purchase and fit-out costs are estimated to total around $243m (£121.5m).
In a separate deal, AFI today told shareholders that it had completed due diligence on the acquisition of a 50% interest in another Cypriot company which owns a Russian company in possession of 22,216 sq ft of space in buildings on Moscow’s Gruzinsky Val Street.
The site occupies a strategically important location in the landbank AFI has assembled to realise plans for its 9.82m sq ft Tverskaya Plaza mixed-use project.