The company has bought lots on the Yauza River for a hotel, residential, and office project.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) subsidiary AFI Development plc (LSE:AFID) has bought a built-up riverfront lot on Bolshaya Pochtovaya Street on the Yauza River in Moscow for $104.3 million. The company has agreed to acquire the adjoining development rights on a 2.67-hectare built-up lot.
AFI Development plans to build a 160,000-sq.m. hotel, residential, and office project on the site. The company estimates the development costs of the project at $465.2 million.
Published by Globes [online], Israel business news - www.globes.co.il - on July 11, 2007
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