AFI Development refinances Mall of Russia scheme

AFI Development has reached an agreement with VTB Bank on an extension of a RUB 8.448m loan for the construction of the developer’s Mall of Russia project. Originally siged in late August 2008, the repayment schedule has been extended by two years, with the interest rate falling from 16% to 13.25%. A total of RUB 6.378m had been drawn down as of June 30. The mall is due to open in December.

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