AFI Development, Israeli billionaire Lev Leviev’s property developer, said Monday that it won a two-year extension at a lower interest rate on a ruble loan from VTB Group for its Mall of Russia project in Moscow.
The repayment term on the 8.45 billion ruble ($280 million) credit line was extended to August 2013, and the rate was cut to 13.25 percent a year from 16 percent, AFI said.
(Bloomberg)