Africa Israel Investment is concerned that the collapse of the Russian Ruble will cost the company dearly. This according to a statement that it presented to the Tel Aviv Stock Exchange last week.
The firm has considerable real estate interests in Russia. These include, AFIMALL City a shopping and entertainment center, located in the central core of the Moscow City International Business Center, the Four Winds prime office and elite residential complex consisting of a Class A office building and an elite residential building, and Aquamarine a mixed-use office, residential & hotel development located in the heart of central Moscow, within walking distance from the Kremlin.
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According to the statement, AFI is not able to accurately predict what the impact of the Ruble’s decline will be on the company’s bottom line. It read, “Because of the great number of factors affecting Russian economic conditions and their consequences, and noting the extreme currency fluctuations, the company cannot quantify their impact.”
Nevertheless, it does admit that there will be losses saying, “In light of the deterioration in the Russian economy, the company estimates that the likelihood that these consequences will occur has increased.”
