AFI Development PLC (LSE:AFID) entered into an agreement to acquire the remaining 50% stake in Krown Investments LLC for $230 million on January 4, 2013. Under the terms, consideration will be paid in installments, with the main installment of $100 million payable within 3 business days from execution of the agreement and the last installment of $10 million payable by the end of 2013. The transfer of the 50% interest takes place when the consideration is paid in full, and AFI Development has the option to pay the consideration ahead of the agreed schedule.

David Westover, Reena Mavjee and Sandra Novakov of Citigate Dewe Rogerson acted as public relations advisors to AFI in the transaction.