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According to the statement of financial results of AFI Development for the year 2010, the company decided to write off the project of Kuntsevo area development that included building 1.5 million square metres of offices, trade centres and apartments. Earlier the project cost had been valued estimated $ 80 million.
The company explained that the write-off on the project was due to toughening up the requirements for foreign listing on the London Stock Exchange (LSE). However it became known that AFI Development had faced difficulties with getting approval documents for the development of this area. Since the beginning of 2011 new mayor Sergey Sobyanin has begun large-scale revision of the investment contracts. As a result 50 contracts have already been terminated.
An AFI Development project was put under a ban at the end of 2010. The company had to abandon its Tverskaya Zastava underground trade centre project. Late in March 2011 AFI Development reached an agreement with the city hall about compensation of losses (estimated $ 200 million). It is possible that the sum will be credited towards payment for the acquisition of 25% stake in Afimall City project from Moscow city.
AFI Development has become the second public developer that published its audited financial results (PIK Group being the first). The statement says that the company’s investment portfolio is valued by Jones Lang LaSalle LLC at $2.3 billion.
AFI Development was established in 2001. Its project portfolio is 3.8 million square metres. The main owner of the company is Lev Levayev (64% stake). The company posted a revenue of $ 74.1 million in 2010. The debt burden is $ 406.7 m. AFI Development's market cap on the LSE is $ 1.21 billion.
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