Press Release
| May 4, 2007
LeBoeuf Lamb Advises on AFI Development's $1.4 billion IPO
(London, May 4, 2007) — LeBoeuf, Lamb, Greene & MacRae has advised shareholder Nirro Group S.A. and AFI Development PLC's Chief Operating Officer on AFI Development's $1.4 billion initial public offering (IPO) on the London Stock Exchange.
AFI Development is a Russia-focused real estate company. Prior to the IPO, its shareholders were Nirro Group S.A. and Africa Israel Investments Limited.
The IPO saw 100 million global depositary receipts (GDRs) issued at $14 per GDR. Following the listing the company was valued at $7.3 billion. There is also an over-allotment option to underwriters of 10 million GDRs at the offer price.
Following its listing, AFI Development became the fifth largest real estate group listed on the London Stock Exchange after established UK real estate companies, Land Securities, Hammerson, Liberty International and Slough Estates.
The joint global co-ordinators for the IPO were Deutsche Bank and Morgan Stanley, and the joint bookrunners were Deutsche Bank, Goldman Sachs International and Morgan Stanley. The syndicate also includes Citigroup Global Markets as co-lead manager.
Moscow partners Brian Zimbler and Vasilisa Strizh led the LeBoeuf Lamb team advising Nirro Group and AFI Development's Chief Operating Officer. They were assisted by London associates Rob Cant and Bjorn Benckert, and Moscow associate Yevgeny Sychev.
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383