Ruric: Scorpio Sells Its 50% in Fontanka 57, Asks Ruric to Waive Its Right of First Refusal.
(Thomson Reuters ONE) -
Scorpio Sells Its 50% in Fontanka 57, Asks Ruric to Waive Its Right of First
Refusal. Ruric Could Loose Chances to Consolidate the Unique Object.
Ruric was informed by Scorpio that it has received an offer from a potential
buyer to purchase 50% of the shares of Grechetto Holdings Ltd. held by Scorpio
for a consideration of 5,500,000 USD in cash. Grechetto Holding Ltd. controls
LLC Litera, a Russian legal entity that leases Fontanka 57 building from the
state. The lease contract expires in 2054.
Recently LLC Litera, acting under the common control of Ruric and Scorpio has
finished painting of facades, received the right to sublease the building and
started to market the building in Russia. LLC Litera has also hired an
international consultant to develop a concept for the best use of the building
in the future.
Ruric Board will consider the issue before the end of July 2012. However, due to
the existing financial situation and restrictions imposed on Ruric by the
bondholders agreement, it is unlikely that Ruric will be able to execute its
right of first refusal.
During the spring 2012 Ruric two attempts to consolidate the ownership in
Fontanka 57 were blocked by bondholders, the majority of votes against the deal
were cast by Alecta and Proventus.
Russian Real Estate Investment Company AB (publ)
For additional information
Ingvar Ljungqvist, CEO
Phone +46 8 509 001 01 EMail iljungqvist(at)ruric.com
Denis Savinkin, CFO
EMail dsavinkin(at)ruric.com
Web www.ruric.com
ABOUT RURIC
Ruric's business strategy is to manage real estate in the center 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.
Fontanka 57 - first right of refusal:
http://hugin.info/141656/R/1627890/521128.pdf
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Source: Russian Real Estate Investment Company via Thomson Reuters ONE
[HUG#1627890]
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Datum: 19.07.2012 - 11:20 Uhr
Sprache: Deutsch
News-ID 166779
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"Ruric: Scorpio Sells Its 50% in Fontanka 57, Asks Ruric to Waive Its Right of First Refusal."
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