AFIMALL CITY RECEIVES CERTIFICATE OF COMPLETION

AFIMALL CITY RECEIVES CERTIFICATE OF COMPLETION FROM MOSCOW CITY AUTHORITIES

24 January 2011

 AFI Development plc ("AFI Development" or the "Company") today announces that it has now received a certificate of completion from the City of Moscow authorities for the operation of the AFIMALL City shopping centre (the "Mall"). The Mall will be open shortly.

AFIMALL City will be one of the largest retail developments to open in Europe this year, with a total area of nearly 180,000 sq. m, nearly 400 stores and a range of entertainment facilities. Approximately 75% of the retail shops in the Mall have been let at an average effective rate of $1,200 per sq. m per year and tenants are currently progressing with fit outs. Tenants at AFIMALL City include Marks & Spencer, Gap, H&M, Zara, Next, as well as X5, Russia's largest retail company, and Eldorado, the country's leading consumer electronics retailing group. 

For further information, please contact:

AFI Development

Stanislav Joukov +7 495 796 9988

Natalia Ivanova

Citigate Dewe Rogerson, London +44 20 7638 9571

David Westover

Sandra Novakov

Lucie Holloway

About AFI Development

AFI Development is one of the leading real estate development companies operating in Russia. Established in 2001, AFI Development is a publicly traded subsidiary of Africa Israel Investments Ltd.

AFI Development is listed on the Main Market of the London Stock Exchange and aims to deliver shareholder value through a commitment to innovation and continuous project development, coupled with the highest standards of design, construction, and quality and customer service.

AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets in Moscow, the Moscow Region, and other major cities in Russia and the CIS. The Company's existing portfolio of 29 development projects comprises commercial projects focused on offices, shopping centers, hotels and mixed-use properties, and residential projects. AFI Development's strategy is to sell the residential properties it develops and to either lease the commercial properties or sell them for a favorable return.

AFI Development is a leading force in urban regeneration, breathing new life into city squares and neighborhoods and transforming congested and underdeveloped areas into thriving new communities. The Company's long-term, large-scale regeneration and city infrastructure projects establish the necessary groundwork for the successful launch of commercial and residential properties, providing a strong base for future.