AFI Development H1 net profit doubles to $97.3 mln

Profit before tax increased 67 percent year-on-year to $110.0 million, the company said in a statement.

AFI Development is 71 percent-owned by Israeli conglomerate Africa-Israel and focuses on prime office, retail and mixed-use real estate developments in Russia.

Business Parks to Open in City

Colliers International has signed a contract with the Israeli development company Europort to find three land plots in St. Petersburg to accommodate A-class business parks covering 12 to 25 hectares and preferably located to the north, east and south of the ring road. With its first Russian project, Europort, which was launched in 2006 to handle development projects in Eastern Europe, continues to penetrate new markets and move further east.

Business parks are usually located far from downtown premises due to their large size, and consequently offer lower rent rates and excellent engineering and social infrastructure, including sports and entertainment facilities, shopping areas, kindergartens, hotels and parking lots.

Although business parks are a relatively new area of real estate and underrepresented in St. Petersburg, competition in the sector is increasing, with numerous developers including GK Development, Region Development, Setl City holding and Utkina Zavod Development keen to enter the market in around 2010, Val Zherdes, strategy and investment consulting director at Praktis consultancy firm told RBC Daily.

Russian Billionaire Spends Record $748 Million on French Riveria Home

A mystery Russian billionaire has outspent the richest of the rich, breaking a world record in splashing out $748 million on one of the most gorgeous villas on the French Riviera. The final sale price of the Villa Leopold, a Belle Époque mansion on the heights of Villefrance, has amazed real estate agents. On the otherhand, locals worry about the invasion of Russian money on the Côte d'Azur, and wonder if it is getting out of hand.

Russian oligarchs have been funnelling in money, and snapping up seaside properites at Cap Ferrat, Cap d'Antibes, Saint-Tropez and other playgrounds along the Riveria since the early 1990's. But none have come even close to what the unnamed Russian billionaire just paid for the Villa Leopold.