AFI Development PLC announced that it has entered into an agreement to purchase the remaining 50% interest and to settle all outstanding liabilities of AFI Development to its partner in Krown Investments LLC from its joint venture partner, Super Passion Limited, for a total cash consideration of USD 230 million. As a consequence of the acquisition, the company will become the sole owner of the Ozerkovskaya project. The consideration will be paid in instalments, with the main instalment of USD 100 million payable within 3 business days from execution of the agreement and the last instalment of USD 10 million payable by the end of 2013.

The transfer of the 50% interest takes place when the consideration is paid in full, and AFI Development has the option to pay the consideration ahead of the agreed schedule. Krown Investments LLC is a subsidiary of AFI Development that has developed and currently holds the rights to the Ozerkovskaya project in central Moscow. The Property comprises the completed Ozerkovskaya Phase II residential complex and recently completed Ozerkovskaya Phase III class A office complex.

Ozerkovskaya III comprises four separate buildings of approximately 51,100 sq.m. of combined lettable space with common underground parking for 557 cars. The development of Ozerkovskaya III was completed in 2012, and it is currently vacant.