Flotonic, which is controlled by former AFI chair Lev Leviev, offered to acquire the remaining shares in AFI Development, a real estate development and investment company focused primarily on the Russian market, at a $314m valuation. Flotonic currently holds 64.88% of the issued share capital of the AFI. "The above factors also underpin the rationale that the company's portfolio of assets would best be undertaken by a private company having the strategic flexibility to manage the more entrepreneurial development risks and capital expenditure of the business and to react to potential operational opportunities," Flotonic said in a statement.