On March 7, 2014, Mirland Development (a subsidiary of MirLand Development Corporation) effected an advance payment in the amount of $25 million for 49.5% of the shares in the Vernisazh shopping mall in Yaroslavl, according to a statement made by MirLand Development Corporation.
The payment for the shares was effected upon receipt of a corresponding permission from Russia's Federal Antimonopoly Service.
It will be recalled that in December 2013, MirLand Development Corporation signed an agreement to purchase 49.5% of the shares in the Vernisazh shopping mall project.
"MirLand Development Corporation will become the sole owner of the project following successful execution of some additional procedures required to complete the transaction subject to the agreement signed," the company reported.
MirLand Development Corporation was established 2004 with the aim of implementing large investment projects in Russia's real estate market. In December 2006, MirLand Development conducted an initial primary offering (IPO) on the London Stock Exchange for a total amount of ca. $300 million, reaching a market capitalization of ca. $1 billion. MirLand Development Corporation is currently implementing residential and commercial real estate projects in Moscow, St. Petersburg, Saratov, Yaroslavl, Penza, Novosibirsk and other cities of Russia.
In 2013, MirLand Development Corporation posted IFRS revenue of $103.8 million (+147.1% year-on-year). Net operating income was $33.4 million.