RURIC TAKES FULL CONTROL OF FONTANKA 57 PROPERTY
(Thomson Reuters ONE) -
Press release 14-03-2012
Ruric agrees deal with investment partner Scorpio to take full control of
Fontanka 57 property in St Petersburg.
In line with its strategy and action plan Ruric has agreed to buy out its
investment partner Scorpio from the Fontanka 57 development project for close to
SEK 88 mln (USD 2 mln in cash, USD 8 mln in loan notes and SEK 20 mln in newly
issued shares) to take full control of the project. The transaction is subject
to approvals of the respective Boards of Ruric in Sweden and Scorpio in Israel,
as well as to the consent of the bondholders of the respective companies.
This transaction is deemed as essential to enable Ruric to invite partners for
the development and ultimate sale of this attractive project. The project has
been at an unfortunate standstill for most of 2011.
Mr Adam Fischer, Ruric's CEO, in a comment: "We are pleased to have arrived at
this mutually agreeable solution with Scorpio for the development of Fontanka
57. We are also pleased with being able to show the first tangible result of the
action plan initiated by Ruric's new Board and Management, and I am convinced
that this soon will be translated into realized investment gains."
Russian Real Estate Investment Company AB (publ)
For additional information
Adam Fischer, CEO
Phone +46 8 509 00 101
email afischer(at)ruric.com
web www.ruric.com
ABOUT RURIC
Ruric's business strategy is to manage real estate in the centre of St
Petersburg. In addition Ruric shall also acquire real estate and implement value
creating additional investments at attractive conditions. Through professional
management and good tenant relations spaces of high class are offered to tenants
looking for possible spaces in central locations willing to pay for it. Ruric
offers primarily office- and retail premises.
Ruric's Certified Advisor at First North is Erik Penser Bankaktiebolag.
Press Release:
http://hugin.info/141656/R/1593892/501644.pdf
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Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1593892]
Unternehmensinformation / Kurzprofil:
Datum: 14.03.2012 - 10:40 Uhr
Sprache: Deutsch
News-ID 124612
Anzahl Zeichen: 2845
contact information:
Town:
Stockholm
Kategorie:
Business News
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"RURIC TAKES FULL CONTROL OF FONTANKA 57 PROPERTY"
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Russian Real Estate Investment Company (Nachricht senden)
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