22nd Jun 2016 16:41
LONDON (Alliance News) - Mirland Development Corp PLC on Wednesday said it has entered into a conditional agreement with TMJK Holdings Ltd and Fadida Holdings Ltd to buy their minority interest in the Century Project in Russia.
The Russian residential and commercial property developer said it will pay USD8 million for the interest in the two office buildings in Moscow. USD3.3 million of this will be offset against the loans owed by TMJK and Fadida to Mirland and the remainder will be paid in cash on completion.
Mirland did not say how big the stake in the project was.
Michael Krichevsky, who is general manager of one of Mirland's non-operational subsidiaries, is also the owner of TMJK.
Shares in Mirland were untraded on Wednesday, last quoted at 23.75 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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