Overview
MirLand Development Corporation is one of the leading international residential and commercial property developers in Russia. MirLand was established in 2004 as part of the Fishman Group, a global investment group with over US$2bn of combined annual income and a strong international track record of over 30 years of investing in, developing and managing real estate assets via public companies. In December 2006, the Company successfully raised net US$293m through its IPO on the AIM market of the London Stock Exchange.
The Company currently owns 14 residential and commercial projects across Russia, with a total rentable/saleable area of approximately 1,3 m sqm upon completion. Of these, six commercial projects are already yielding, and the two residential projects are generating income. MirLand’s strategy is to: maintain diversification of the portfolio between various sectors, locations and development stage; hold commercial properties for lease, unless compelling realization opportunities arise; develop residential properties for sale; use diverse financing sources to accelerate business activity and growth; and acquire new projects and developments according to availability of financial sources and market conditions
News
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16 Mar 2016 2 min read
Mirland still renegotiating its debt
Mirland has reported its results for the year ended 31 December 2015. Total assets as at 31 December 2015 decreased by 23.7% to US$577.4 million, as compared to US$756.6 million as of 31 December 2014. Equity as at 31 December 2015 was a negative US$(19.3) million compared to US$141.4 million the preceding year. The Company’s […]
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01 Apr 2015 2 min read
Mirland restructures debt
Mirland has announced that it is proposing a restructuring of its series A-F bonds. Any definitive agreement between the Company and the Trustees of the bonds requires approval by the board and shareholders of the Company and will be subject to sanction by the Cypriot Court and bondholders approval. Under the proposals: Payments of principal are […]
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18 Mar 2015 1 min read
Mirland posts loss of $62.9m due to Russian economic conditions
MirLand Development Corporation’s final results, for the year ended 31 December 2014, show an 18% increase in total revenues from investment properties. The company says this is due to both an increase in income from yielding assets as well as full consolidation of the Vernissage Mall in Yaroslavl. However, Mirland has also suffered a loss of $62.9m, during 2014, due to the […]
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08 Jan 2015 1 min read
Mirland changes bond terms
Further to the Company’s announcement of 19 December 2014, following the downgrading of the Company’s rating by the rating agencies ‘Midroog’ (a subsidiary of Moody’s Investor Services) and ‘Maalot S & P’ (a subsidiary of Standard & Poor’s Rating Services), Mirland has announced a change in its interest rates on its bonds. From 18 December 2014, […]
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19 Dec 2014 1 min read
Mirland hit by Rouble collapse
Mirland has released a statement this morning describing the effects of the collapse in the value of the Rouble vs. the US dollar on their business. they say “the extreme currency devaluation may have severe implications on the ability of tenants to meet their obligations and thus affect the Company’s financial results and liquidity”. Mirland […]
