AFI Development PLC AFRB Mr Lev Leviev appointed as Executive Chairman

  AFI Development PLC (AFRB) - Mr Lev Leviev appointed as Executive Chairman

RNS Number : 8333R
AFI Development PLC
22 November 2012






      THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION

  IN OR INTO THE RUSSIAN FEDERATION, THE UNITED STATES, CANADA, AUSTRALIA OR
                                    JAPAN

                                      

                                      

                             AFI DEVELOPMENT PLC

                     ("AFI Development" or "the Company")

                                      

        MR LEV LEVIEV APPOINTED EXECUTIVE CHAIRMAN OF AFI DEVELOPMENT





London, 22  November 2012  -  AFI Development  announces that,  following  the 
recommendation of the Nomination Committee,  its Board of Directors has  today 
appointed Mr Lev Leviev, currently Non-Executive Director and Chairman, to the
position of Executive Chairman of the Company.



In his new  role Mr  Leviev shall provide  strategic leadership  and lead  key 
negotiations with the Moscow Authorities, with other government authorities in
regions  of  AFI  Development  operations  and  with  its  counterparties   in 
transactions of strategic importance.



In the new position  Mr Leviev will be  entitled to an executive  compensation 
package and,  like  all  other  senior executives  of  AFI  Development,  will 
participate in the Company's share options programme. It should be noted  that 
in his current role of Non-Executive Chairman Mr Leviev has not been receiving
compensation from the Company for his office.



The  appointment   of  Mr   Leviev   will  not   change  the   functions   and 
responsibilities of Executive Director of the Company and CEO of the Company's
main Russian operating subsidiary, OOO AFI RUS, Mr Mark Groysman. Mr  Groysman 
shall remain responsible for ongoing  operations of AFI Development, while  Mr 
Leviev will concentrate  on managing government  relations of AFI  Development 
and leading strategic transactions.



Commenting on todays'  announcement, Mr  Mark Groysman said:  "We welcome  the 
appointment of Mr Leviev  to an executive position  at AFI Development, as  it 
will enable  him to  dedicate more  time to  core business  activities of  AFI 
Development and strengthen  his commitment  to success of  its operations.  We 
strongly believe  that this  appointment  will be  highly beneficial  for  AFI 
Development and all its stakeholders".



                                   - ENDS -



For further information, please contact:



AFI Development, +7 495 796 9988

Ilya Kutnov



Citigate Dewe Rogerson, London+44 20 7638 9571

David Westover

Reena Mavjee
Sandra Novakov







About AFI Development



AFI Development  is  one of  the  leading real  estate  development  companies 
operating in Russia. Established in 2001, AFI Development is a publicly traded
subsidiary of Africa Israel Investments Ltd.

AFI Development is listed on the Main Market of the London Stock Exchange  and 
aims to  deliver shareholder  value  through a  commitment to  innovation  and 
continuous project development, coupled with the highest standards of  design, 
construction, and quality and customer service.



AFI Development focuses on developing and redeveloping high quality commercial
and residential real estate assets across  Russia, with Moscow being its  main 
market. The Company's existing portfolio comprises commercial projects focused
on offices, shopping centers, hotels and mixed-use properties, and residential
projects. AFI Development's strategy is to sell the residential properties  it 
develops and to  either lease  the commercial properties  or sell  them for  a 
favourable return.



AFI Development is a leading force  in urban regeneration, breathing new  life 
into  city   squares  and   neighborhoods  and   transforming  congested   and 
underdeveloped areas into thriving  new communities. The Company's  long-term, 
large-scale  regeneration  and  city  infrastructure  projects  establish  the 
necessary groundwork for the successful  launch of commercial and  residential 
properties, providing a strong base for future.





                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


BOALLFSELALFFIF -0- Nov/22/2012 18:00 GMT