AFI Development, the Aim-listed Russian property developer, has reported a 9% rise in net asset value. The Times. Financial Times

AFI raised £700m at its flotation on Aim in May, when the $4.8bn (£2.4bn) group was spun off from the business empire of Lev Leviev, the Israeli diamond magnate.

AFI reported a 22% rise in its investment portfolio from $3.69bn to $4.5bn between 31 March and 30 June.

AFI has 24 projects totalling 3.7m sq m, as well as further pipeline of 15 projects.