AFI Development’s Bellgate Constructions repays €60 million of loans

By Marisa Wong

Morgantown, W.Va., June 26 – AFI Development plc said its subsidiary, Bellgate Constructions Ltd., partially repaid the euro-denominated part of its Afimall City project loan to VTB Bank PJSC in the amount of €60 million.

Prior to this repayment, Bellgate had a euro- and ruble-denominated loan from VTB Bank with a total dollar-equivalent balance of $476.3 million.

Following the paydown, the balance of the euro-denominated part of the loan has decreased to €222 million from €282 million and the total loan balance to $408.11 million.

AFI Development is a Cyprus-based real estate developer with investments in Russia.

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