Mirland Development Corporation announced on Wednesday that it is taking full ownership of its major Moscow skyscraper project. The Cypriot-based developer of residential and commercial property in Russia said it is to obtain the remaining 21% interest in a Russian company that has the leasehold rights on the land to be used for the project for $ 4.5 mln (EUR 3.2 mln), minus approximately $ 600,000 of debt owed by the Russian company. Mirland already owned an effective 79% interest in the Russian company. At end-June 2007, the Skyscraper project was worth just under $ 143 mln (EUR 100 mln).
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