AFI Development PLC has entered into an agreement to acquire 24,126 m² of built up facilities on the Yauza River front on Bolshaya Pochtovaya Street in the Central Administrative District of the City of Moscow. In addition, the Company has agreed to acquire the adjoining development rights in the form of Act of Permitted Use for the construction of a mixed-use facility with the total built up area of 231,680 m² on a land plot with a total area of 2.67 hectares.
The land plot will be used for the construction of the Pochtovaya project that is expected to include 80,000 m² zoned for hotel and residential use, 80,000 m² of office space and 67,000 m² of underground parking space. The acquisition price for the Pochtovaya project is US $104.3 million and the outstanding development costs for the project are expected to total US $465.2 million.
Commenting, Alexander Khaldey, Chief Executive Officer, said, "Our company continues to swiftly move ahead with the addition of another sizeable project to our portfolio. The Pochtovaya project demonstrates our ability to source outstanding developments in the city center that fit our strategy of developing large mixed-use projects."