19 May 2013

Official Announcement by AFI Development in Connection with Statement by Chief Structural Engineer of MIBC Moscow City

  • Press Release

Today, May 19, 2013, by invitation of AFI Development, the site was inspected by Academician V.I.Travush, chief structural engineer of MIBC Moscow City, who stated the following:

"The substandard columns in a section of a wall have nothing to do with the load-bearing structure of the AFIMALL City Retail and Entertainment Center, and were intended for the future construction of a cinema and concert hall which had not yet been designed at that time. The center's load-bearing structure has been built in accordance with project documentation. There is no threat to the people inside the Retail and Entertainment complex and no danger of the building collapsing."

Claims by certain (including federal) media outlets that the AFIMALL City complex has no load-bearing structures, appeared to be a significant factual error, do not correspond to reality, and are damaging both the business and reputation of AFI Development, the owner of the AFIMALL City complex.

In addition, the widely circulated media report that "no support structures were installed during preparations for construction work" is meaningless from the engineering and technical point of view.

Substandard construction work has been detected in a section of a wall that does not form part of the load-bearing structure of the AFIMALL City Retail and Entertainment center, but is actually a temporary enclosing structure containing engineering corridors with no access for visitors to the center. AFI Development is currently rectifying this defect, which was committed by the builders.

AFI Development regards the incessant flow of negative information in the mass media about the AFIMALL City Retail and Entertainment center, which began with a publication on May 17, 2013 on the website of the Public Prosecutor's Office of the City of Moscow alleging that numerous violations had been committed during construction of the center, and also the claims by certain media outlets about the AFIMALL complex posing a danger to visitors and collapsing, as tendentious, fictitious and devoid of any foundation, and reserves the right to sue the initiators of this campaign of deliberate public discreditation of the AFIMALL City center.

In the near future, the management of AFI Development plans to seek an explanation from the General Prosecutor's Office of the information published on the website of the Moscow City Prosecutor's Office.

About AFI Development

Founded in 2001, AFI Development is one of the leading real estate companies on the Russian market, with major projects underway in Moscow and Moscow Region. The company's portfolio comprises over 400,000 square metres of completed real estate and roughly 1.6 million square metres in the development stage.

In 2007, AFI Development successfully held an Initial Public Offering on the London Stock Exchange, raising around $1.4 billion. Since 2010, the company's shares have been included in the LSE's premium listing.

For further information, please contact:

AFI Development press office

+7 495 796-9988

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