White & Case takes on listing for AFI Development

The placement of 520 million B ordinary shares, giving a market capitalisation of £550m, comes ­following the IPO of its global depository receipts (GDR) on the LSE in 2007.

London corporate partner Greg Stonefield, who initially acted for AFI on the 2007 IPO, led the White & Case team on the new premium listing. The team also featured London capital markets partner Josh Kiernan and Moscow real estate head Steffen Kaufmann.

Freshfields Bruckhaus Deringer acted for underwriters Morgan Stanley and Deutsche Bank, with corporate partner Simon Witty leading.

Stonefield described the deal as having “a unique structure”, enabling AFI to continue trading its GDRs alongside the premium ­listing.

He added: “It reflects our strength in both Moscow and London to bring a complex deal like this to fruition.”

AFI, a subsidiary of Africa Israel Investments, manages 29 projects in 15 Russian locations.