Africa Israel owner Lev Leviev
Photo: Avigail Uzi
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.
Click here to read this report in Hebrew
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