AFI Development, the real estate developer focused on Russian property, has announced acquisitions to add to the value of three of its major schemes. For its Tverskaya Zastava redevelopment project in central Moscow, it has paid $82.88 mln (EUR 58 mln) to increase its stake in the holding company of Plaza IV shopping centre from 25% to 95%. Upon completion, Plaza IV is expected to comprise a total of 63,278 m[sup]2[/sup] of office space, 2,976 m[sup]2[/sup] of retail space and 25,000 m[sup]2[/sup] of underground parking. Including Plaza IV, the aggregate gross lettable area of all the phases of Tverskaya Zastava project is expected to total over 465,000 m[sup]2[/sup].
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