AFI Development Reduces Amount Owed For Moscow Hotel Projects

LONDON (Alliance News) - Russia-focused property investor AFI Development PLC said Monday it has ...

Alliance News 20 May, 2019 | 5:09PM
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LONDON (Alliance News) - Russia-focused property investor AFI Development PLC said Monday it has agreed with its lender, VTB Bank PJSC, to partially repay loans of about EUR35 million relating to the Plaza Spa Kislovodsk and Plaza Spa Zheleznovodsk projects.

AFI currently has three loan agreements for the two Moscow hotels, maturing in 2022, for a total of EUR37.7 million.

Under the new agreement, however, AFI's subsidiaries will repay EUR34.8 million, at the existing interest rate of 4.2%.

AFI will use the proceeds of its disposal of Building 3 at its Aquamarine III project to reduce its debt.

Shares in AFI Development closed down 1.5% Monday at USD0.16.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
AFI Development PLC B 0.19 USD -1.79 -
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