Frontier Development PLC

Regulatory Filings • Sep 23, 2014

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RNS Number : 3861S

AFI Development PLC

23 September 2014

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION

IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

AFI DEVELOPMENT PLC

("AFI Development" or "the Company")

statement regarding MEDIA REPORTS ON land plot allocatION to AFI medical

London, 23 September 2014 - In reaction to yesterday's Russian media reports on the decision of the Town Planning and Land Commission of Moscow to allocate a land plot for lease to AFI Medical for the development of an oncology centre, the Company announces as follows:

On 7 June 2013, AFI Development announced that it was considering potential investment in the development of oncology centres in Moscow. Since then, the Company has been undertaking a feasibility study to assess the case for such investment. As part of this process, AFI Development submitted a query to the land authorities of Moscow regarding suitable land plots that the City would allocate for such development.

Today, the Company confirms the decision of the Town Planning and Land Commission of Moscow to allocate a 9.79 ha land plot under short-term lease for the potential development of oncology centre to AFI Medical LLC, a subsidiary of AFI Development which was established to facilitate the feasibility study. The land plot, located in the South Butovo district of Moscow, was previously zoned by the City for a municipal medical facility.  It should be noted that as of today the Company has not yet received full version of the Commission decision.

Whilst AFI Development's ability to obtain a suitable land plot with appropriate physical characteristics is an important parameter of the feasibility study, the amount of rent to be charged to the Company for use of this land plot has not yet been established. As such, the Company has not yet made a decision to lease this plot.

If appropriate, following completion of the feasibility study, a proposal will be put forward to the Board of Directors of AFI Development for approval.  

- ENDS -

For further information, please contact:

AFI Development, Moscow +7 495 796 9988

Ilya Kutnov

Ekaterina Shubina

Citigate Dewe Rogerson, London+44 20 7638 9571

David Westover 

Sandra Novakov

Shelly Chadda

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 of customer service.

AFI Development focuses on developing and redeveloping high quality commercial and residential real estate assets across Russia, with Moscow being its main market. The Company's existing portfolio 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 favourable 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.

Legal Disclaimer

Some of the information in these materials may contain projections or other forward-looking statements regarding future events, the future financial performance of the Company, its intentions, beliefs or current expectations and those of its officers, directors and employees concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies and business. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might" or the negative of such terms or other similar expressions. These statements are only predictions and that actual events or results may differ materially. Unless otherwise required by applicable law, regulation or accounting standard, the Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations.

This information is provided by RNS

The company news service from the London Stock Exchange

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