Earnings Release • Dec 28, 2018
Earnings Release
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Storm Real Estate ASA – Yearend operational update
Oslo 28.12.2018. Reference is given to the public announcement published on 26 September 2018, where the company informed about the rental situation in the Gasfield building in Moscow. Since the last update the company has entered into several new smaller lease agreements, which have resulted in a net increase in occupied rental space of 1.243 square meters.
Current occupancy rate is 86%, divided on 69 lease agreements.
Furthermore, the company is negotiating with several potential tenants on the remaining vacant area.
The company will announce signing of new contracts if they are of a material character.
At the moment, the company’s only income source is the rental income from the Gasfield building in Moscow. Despite high occupancy in the building, the company is not able to meet its debt obligations, because the rental rates are too low. The company is still in negotiations with the bank and other relevant stakeholders in order to achieve a long-term financing solution.
For more information, please contact:
Storm Capital Management Ltd,
Morten E Astrup
Telephone: +44 (0)777 8888 000
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