The Storm Real Estate group has via subsidiaries on 7
December 2015 entered into an agreement to sell its shares
in Pete Ltd which owns CJSC Grifon and thus the Grifon
building in St Petersburg.
The transaction is based on a property value of USD 12.6
million. The transaction is expected to have an impact on
the company's net asset value of approximately USD -2.1
million. The agreement does not contain major
representations and warranties.
The relevant bank debt of USD 10.0 million will be repaid as
part of the transaction. The closing date of the transaction
is set to Monday 15th December 2015.
For further information, please contact:
Erik Mathiesen
Storm Capital Management Ltd.
erik@stormcapital.co.uk
Telefon: +44 (0) 20 7409 3375
Einar Pedersen
Storm Capital Management Ltd.
einar@stormcapital.co.uk
Telefon: +44 (0) 20 7409 3369