3 Jun 2010 14:09
3 June 2010
MirLand Development Corporation plc
('MirLand' / the 'Company')
COMPLETION OF DISPOSAL
MirLand Development Corporation plc, one of the leading residential and commercial property developers in Russia, is pleased to announce that the sale of Techagrocom-2 by a MirLand joint venture company has completed today.
The consideration for Mirland's effective 50% interest in the business park development was US$20 million, representing a premium of 6.3% over the Cushman and Wakefield valuation for the entire project for the year ended 31 December 2009.
MirLand originally paid US$12.875 million for its 50% interest in the site and an additional US$2.2 million has been invested by the Company since the purchase. MirLand expects to recognize approximately US$3 million capital gain in its financial reports as a result of the transaction.
For further information, please visit www.mirland-development.com, or contact:
| MirLand Development Corporation plc Roman Rozental roman@mirland-development.com
| +7 499 130 31 09
|
| Financial Dynamics Dido Laurimore / Rachel Drysdale dido.laurimore@fd.com / rachel.drysdale@fd.com
| +44 20 7831 3113 |