Russia AFI to sell $207 mln Moscow office property

MOSCOW, May 20 (Reuters) - AFI Development AFIDLq.L, a Russia-focused real estate company, said on Tuesday it had agreed to sell an office building located in central Moscow.

Total proceeds from the sale of the Aquamarine II project, in which AFI has a 50 percent stake, will amount to $207 million that AFI will share with the other owner of the project.

AFI, 71 percent owned by Israeli conglomerate Africa-Israel AFIL01.TA, said in a statement the sale price implies an exit yield of 6.8 percent.

The company said it would book a capital gain of $35 million under IFRS accounting standards on its consolidated income statement for the second quarter 2008 as a result of the deal. (Reporting by Maria Kiselyova, editing by Will Waterman)