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Leviev Relocates to London

Dec 27, 2007 7:13 AM   By Avi Krawitz
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RAPAPORT... Israeli diamond and property magnate Lev Leviev will make London his home base, Israel’s Channel 2 news reported.

Uzbek-born Leviev is making the move with his family to  monitor personally the progress of AFI Development, the Russian property unit of Leviev’s Africa Israel Investments. AFI raised $1.4 billion in May, which was the biggest IPO (initial public offering) ever by a European real estate developer, but the share has since lost about 35 percent in trading on the London Stock exchange.

Earlier this month, Leviev said he would take over as AFI Development chair following the departure of its previous chairman, Erez Meltzer, Globes Online reported.

"Lev Leviev has been dividing his time between his homes in Moscow, Bnei Brak, New York and London for several years. The flotation of AFI Development in London and his appointment as company chairman now requires of Leviev to stay in London on a longer-term basis. He will continue to fill his various roles within the group both in Israel and elsewhere," a company spokesperson said.

The Russian-born Israeli made his first billion in the diamond mines of Russia and Angola and currently holds the marketing rights for diamonds from Angola, the world's fifth largest producer of rough diamonds by value. The Leviev Group also has diamond retail stores in London and New York. Since 2001, however, Leviev has turned his attention to property, rapidly expanding into Manhattan and Eastern Europe.
Tags: Angola, Israel, Leviev, Russia
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