MLD.L Regulatory News (MLD)

17 Oct 2007 07:00

Mirland Development Corporation PLC17 October 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA MIRLAND DEVELOPMENT CORPORATION plc ('MirLand'/ the 'Company') MIRLAND ACQUIRES REMAINING STAKE IN MOSCOW SKYSCRAPER DEVELOPMENT LONDON, 17 October 2007 - MirLand Development Corporation, one of Russia'sleading residential and commercial property developers, is pleased to announcethat it has entered into an agreement to acquire the last remaining stake in itsSkyscraper project at Dmitrovskoe schosse 1 Moscow. MirLand will acquire the remaining 21% interest in a Russian company that hasthe leasehold rights in the land to be used for the project for US$4.5m, lessapproximately US$0.6m of debt owed by the Russian company. Completion of theacquisition of the final 21% balance is expected to take place by the end of2007. MirLand already owns an effective 79% interest in the Russian company.In order to expedite the acquisition of the final balance MirLand has elected towaive the condition that construction permits be obtained prior to closing. TheCompany is progressing the final stages of design for the project as part of theprocess of securing the necessary construction permits. The acquisition will enable MirLand to fully progress its plans to develop a 47storey office tower offering circa 90,000 sq m prime lettable office space and1,500 parking spaces. Construction is anticipated to begin in Spring 2008. Commenting on the announcement, Moshe Morag, chief executive, said: "This final acquisition places us firmly on track for us to commenceconstruction of this exciting development in a prime location near to Moscow'sthird ring in Spring 2008. "We remain pleased with the rate of progress in the execution of our strategysince the IPO." -ENDS- MirLand Development Corporation plc +7 495 130 31 09Roman Rozentalroman@mirland-development.com Financial Dynamics +44 20 7831 3113Dido Laurimore/Nicole Marinodido.laurimore@fd.com/nicole.marino@fd.com THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION INTO THEUNITED STATES. THE MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLYAND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF SECURITIES FORSALE INTO THE UNITED STATES OR ANY OTHER JURISDICTION. THE SECURITIES OF THECOMPANY DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S.SECURITIES ACT OF 1933, AS AMENDED (THE 'SECURITIES ACT'), OR THE LAWS OF ANYSTATE, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANTTO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATIONREQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE LAWS. THERE IS NOINTENTION TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR TOCONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES. This information is provided by RNS The company news service from the London Stock Exchange