OREANDA-NEWS. May 20, 2010. MirLand sold its 50% share in Techagrocom-2, a business park development project located in the Leninsky district of Moscow. The sale price of USD 40m (USD 20m for the MirLand's 50% share) reflected a 6.3% premium to the project's fair value and a USD3m capital gain for MirLand. The deal is slated to be closed in May, reported the press-centre of OTKRITIE Financial Corporation.

View: The news is positive for MirLand, which managed to sell the project at a premium to its fair value. The company could use the proceeds to repay debt or to invest in current projects.

Valuation and Action: Mirland trades at a 32% discount to its last reported NAV, versus the 9% discount to NAV of its EM peer group. At present, we do not cover the stock.