Mirland Development Corporation has entered into an agreement for the sale of Techagrocom-2 business park development in Moscow. The London-listed developer of residential and commercial property in Russia holds a 50% interest in the project located on a 22-hectare site located near Mamyri Village in the Leninsky District of Moscow.

The gross sale price for the 100% interest is $40 mln (EUR 33 mln), representing a premium of 6.3% over the Cushman and Wakefield valuation for the year to end-December 2009. Mirland's share comes to $20 mln. The identity of the buyer was not disclosed.

Techagrocom-2 will provide 163,400 m2 of Class B+ office buildings and a trade centre on completion.

Mirland originally paid $12.9 mln for its 50% interest in the site and an additional $2.2 mln has been invested by the company since the purchase. Mirland expects to recognize a $3 mln capital gain in its financial reports as a result of the transaction.