Africa Israel owner Lev Leviev
צילום: אביגיל עוזי
Africa Israel now fully owns Moscow mall
Company acquires Russian capital municipality's AFI Mall stake, making subsidiary AFI Development sole controller of shopping center. Acquisition's total bill: $157 million
Africa Israel, held by Lev Leviev, announced Sunday that its subsidiary AFI Development has completed the acquisition of the Moscow municipality stake (25%) in the AFI Mall City for $157 million.
The acquisition names AFI Development owner of 100% of the mall.
The company imparted that the acquisition of the additional rights to the mall was fully funded through a credit line the company received from the Russian bank that funds the mall.
The current funding for the mall is $263.5 million with an annual interest rate of 11.5% paid on a quarterly basis and the principal is scheduled for repayment in one bulk payment on August 2013.
Late May, AFI Development announced that it expects to earn $60 million from AFI Mall in 2011. The mall was opened for a trial run on March 10, 2001 – two years after the scheduled date.
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