Information  X 
Enter a valid email address

AFI Development PLC (AFRB)

  Print      Mail a friend       Annual reports

Monday 20 May, 2019

AFI Development PLC

Agreement On Partial Repayment Of Sanatoria Loans

RNS Number : 6074Z
AFI Development PLC
20 May 2019
 

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")

 

AFI DEVELOPMENT AGREES ON PARTIAL REPAYMENT OF THE SANATORIA LOANS

 

London, 20 May 2019 - AFI Development today announces that it has agreed with its lender, VTB Bank PJSC, to partially repay loans relating to the Plaza Spa Kislovodsk and Plaza Spa Zheleznovodsk projects, in the total amount of circa EUR35 million.

 

The Company currently has three loan agreements relating to the Plaza Spa Kislovodsk and Plaza Spa Zheleznovodsk projects, maturing in 2022, with a total outstanding balance of EUR37.73 million. Under the addenda to existing loan agreements signed with VTB Bank PJSC, AFI Development's subsidiaries will repay a total amount of EUR34.77 million, while having an option to draw back the same amount (or less) within one year, at the existing interest rate of 4.2%, in euros.

 

In line with the Company's previous announcement on 23 April 2019, regarding the disposal of Building 3 at the Aquamarine III project, AFI Development will use part of the sales proceeds of this transaction to reduce its debt.

 

 

- ENDS -

 

For further information, please contact:

 

AFI Development, +7 495 796 9988

Ilya Kutnov, Corporate Affairs/Investments Director (Responsible for arranging the release of this announcement)

 

Citigate Dewe Rogerson, London +44 20 7638 9571

Sandra Novakov

Lucy Eyles

 

This announcement contains inside information.

 

About AFI Development

 

Established in 2001, AFI Development is one of the leading real estate development companies operating in Russia.

 

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 favorable 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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCPGUCCAUPBGAU

a d v e r t i s e m e n t