AFI Development PLC is an investment holding company. The Company is engaged in real estate investment and development. In addition, it provides financing to its subsidiaries and jointly controlled entities. It operates in four segments: Development Projects - Commercial projects, which includes construction of property for future lease; Development Projects - Residential projects, which includes construction and selling of residential properties; Asset Management, which includes the operation of investment property for lease, and Other - Land bank, which includes the investment and holding of property for future development. On September 30, 2011, the Company acquired 25% interest in AFIMALL City, held by the City of Moscow. On December 16, 2011 it acquired the parking area under AFIMALL City. In March 2012, it disposed its subsidiary, Roppler Engineering Inc. and its subsidiary Tsentr Dosuga Molodezhi LLC, and it also completed the disposal of the Ozerkovskaya Phase IV project.