Ruric confirms indicative offer for three properties

(Thomson Reuters ONE) -


Ruric confirms that a non-legally binding bid has been received for the
properties Oscar, Magnus and Gustaf from Storm Real Estate.

The offer is considered to be too low and will not be accepted.

The objective with the current reorganization is to keep the cash generating
properties, and not to sell at such a distressed price. This is for the benefit
for all investors in Ruric, both creditors and share holders. Storm has not yet
paid according to schedule for the property (Grifon House) that they purchased
from Ruric in April 2009. The payment was due late 2009. There are on-going
discussions regarding the reasons for this late payment and Ruric hope to
receive the outstanding sum in the very near future and before arbitration steps
are required. Russian Real Estate Investment Company AB (publ)

For further information Craig Anderson, CEO
Phone                 +7 812 703 35 50                         (St. Petersburg)
Phone                 +46 8 509 00 100                          (Stockholm)
e-mail                 craig(at)ruric.com


ABOUT RURIC
Ruric's business concept is to acquire, develop, manage, lease out and divest
real estate assets in St. Petersburg, Russia, offering top-quality commercial
premises in the best locations, thus contributing to the successful business
performance of its tenants. The company's vision is to become a leading real
estate company in central St. Petersburg.

The company's strategy is to identify high-potential real estate in the city
centre of St. Petersburg, structure appropriate deals and acquire at best price.
After renovation top-notch commercial space is offered to tenants seeking the
best possible premises and that are willing to pay for such premises.

Ruric's Certified Advisor on First North is Erik Penser Bankaktiebolag


[HUG#1385377]





Press Release: http://hugin.info/141656/R/1385377/344111.pdf

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Datum: 17.02.2010 - 12:08 Uhr
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