23rd Apr 2019 11:27
LONDON (Alliance News) - AFI Development PLC on Tuesday said it has agreed to sell Building 3 at the completed Aquamarine III business centre in Moscow to an undisclosed Russian bank for RUB4.45 billion, or GBP53.7 million.
In 2013, AFI Development disposed of Building 1, while in 2017 it disposed of Buildings 2 and 4.
The business centre is an office complex forming part of the "Aquamarine" mixed-use development, located on the Ozerkovskaya embankment in the historical Zamoskvorechie district of Moscow, Russia.
The real estate development and investment company said the transaction comprises the sale of office premises, underground parking and a share of commonly owned service areas at the Aquamarine.
The transaction consideration will be satisfied in two tranches, AFI Development said, with 50% of the consideration to be paid upon execution of the transaction agreements, with the remaining 50% due once the buyer has been registered as owner.
The company said it intends to use net proceeds of the sale to partially repay external loans and to finance construction of its development projects.
AFI Development shares were untraded on Tuesday, last closing at USD0.18 each.
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