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. Last Updated: 07/27/2016

AFI Acquisitions to Boost Projects

LONDON -- AFI Development, the real estate developer controlled by diamond billionaire Lev Leviev, said Monday that it made acquisitions valued at more than $120 million to bolster three of its projects.

AFI bought out partners in two projects and purchased 2.2 hectares of land adjacent to its Pochtovaya development in Moscow for $37 million, it said.

"The company plans to make further land acquisitions in the area as they become available," to expand the Pochtovaya project, AFI said in the statement.

Since AFFI raised $1.4 billion in an initial public share offering in May, the company has been building up a land bank of development sites in Moscow and other cities to allow it to meet demand for modern offices, retail outlets and hotels. AFI bought 70 percent of the holding company that owns the Plaza IV site on its Tverskaya Zastava redevelopment project in Moscow for $82.9 million, lifting its stake to 95 percent. It has an option to buy the rest for $7.1 million.