Billionaire Levievs Afi Development Doubles 2007 Profit

Russian property investment company AFI Development Plc, owned by Israeli billionaire Lev Leviev, nearly doubled last year, boosted by the rising demand for high-quality office and residential space on Moscow market, the company said in a statement on March 27.

Net profit rose by 93 per cent to $215.6 million year-on-year, from $111.9 million in 2006. The value of AFI's property portfolio went up by 4.6 per cent to $5.9 billion in the second half of 2007. Investment last year was $967 million, AFI said, without giving comparative figures.

The company raised $1.4 billion in an initial public offering (IPO), performed in May last year. The amount of “fresh” resources will be poured in property purchases in the Russian capital, according to AFI’s prospectus.
 
AFI's London-listed shares have declined 41 per cent since the IPO, valuing the company at $4.35 billion.propertywisebulgaria.com