Due to a sustained difficult rental market for office space in South West Moscow and a falling Russian Rouble in Q2 Storm Real Estate ASA is likely to face a significant write down of the Gasfield building per 30.06.2018 measured in US dollars. As a consequence, the company is likely to breach its loan covenants by the end of Q3 as a result. There is currently a dialogue with all relevant stakeholders in order to reconstruct the company.
For further information, please contact:
Storm Capital Management Ltd,
Morten E Astrup
morten@stormcapital.co.uk
Phone: +44 (0)777 8888 000