MirLand Development Corporation Plc is engaged in the acquisition, development, construction, reconstruction, lease and sale of residential and commercial real estate in Russia. The Company operates in two segments: commercial segment and residential segment. Commercial segment leases real estate for commercial purposes. The residential segment develops real estate assets to sale for residential purposes. The Company owns 15 residential and commercial projects across Russia, with a total rentable/saleable area of approximately 1,424,150 square meters upon completion. Of these, six commercial projects are yielding, and construction of one additional residential project was finished during the year ended December 31, 2011. During 2011, it acquired of leasehold rights to a 40.6 hectares site designated for the development of a 180,000 square meters logistics centre in Novosibirsk. The Tamiz office building was completed during 2011, and is 92% leased.