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Case Study

Valuation of AFI Development PLC property portfolio for the IPO purposes

AFI DEVELOPMENTIn 2007 Jones Lang LaSalle was instructed by AFI Development PLC to value its portfolio for the IPO purposes. AFI Development PLC is one of the leading real estate companies focused on developing property in Russia and the CIS, whose portfolio currently includes 24 properties which boast a total area of about 4.6 million sq m. The portfolio includes projects in different sectors of the real estate market, including offices, retail, residential and hotels. The majority of assets comprise development properties in varying stages of development; they are scheduled to be completed between 2009 and 2014. The portfolio includes a significant number of landmark properties such as the shopping center under construction on Tverskaya Zastava Square, Moscow City Shopping Center and prime office and residential developments on Tverskaya Street, Tverskaya Zastava Square and Ozerkovskaya Embankment.

With the help of the high-quality valuation advisory services provided by the Jones Lang LaSalle team, the company attracted around USD 1.4 billion as a result of the successful IPO on the London Stock Exchange. The attracted finance was directed into the development of the existing properties as well as into new development investments.

Jones Lang LaSalle has been retained by AFI Development PLC to provide bi-annual valuations of its property portfolio for IFRS purposes. As at the middle of 2008 the Market Value of the Company portfolio estimated by Jones Lang LaSalle comprised 5.8 billion US Dollars.

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