MLD.L Regulatory News (MLD)

30 Oct 2007 07:01

Mirland Development Corporation PLC30 October 2007 MIRLAND DEVELOPMENT CORPORATION plc ('MirLand'/ the 'Company') MIRLAND ACQUIRES TRADE PAVILION SITE IN KAZAN LONDON, 30 October 2007 - MirLand Development Corporation, one of Russia'sleading residential and commercial property developers, is pleased to announcethat a wholly owned subsidiary has entered into an agreement for the acquisitionof a market trading pavilion in Kazan that will result in the acquisition of asite of approximately 0.8 hectares in size. The agreement includes an undertaking by the vendor to remove some temporarytrading sites from the site, most of which have already been removed in thecourse of the negotiation. The aggregate purchase price payable for the market trading pavilion isapproximately $1.3 million. An additional $160,000 will be payable to the Cityof Kazan to purchase the rights the city has in the 0.8 hectares of land. This agreement is the first step towards implementing a Memorandum ofUnderstanding signed by MirLand and the Municipality of Kazan for theredevelopment of the historical site as part of a major regeneration programmefor the Kirov district of Kazan. It is expected that the programme will involvethe construction by MirLand of a new shopping and entertainment centre ofapproximately 34,000 sqm plus some 600 parking places over a total of 2.2hectares of land. Commenting on the announcement, Moshe Morag, MirLand's chief executive, said: "The acquisition of this site and our consequent role together with theMunicipality in the regeneration of Kirov represents another significant stepforwards in our strategy to secure major development projects, not only inMoscow and St Petersburg but also secondary Russian cities." -ENDS- For further information: 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 This information is provided by RNS The company news service from the London Stock Exchange