Storm Real Estate ASA - financing of Grifon House

Storm Real Estate ASA has on 20 January 2011 signed a

term sheet with a leading Nordic bank to finance

Grifon House in St Petersburg. The loan is USD 12

million and represents approx 60% of the building's

value.

Storm Real Estate ASA is satisfied to strengthen its

capital in line with its strategy and see this as a

strategic milestone. The financing enables further

growth for Storm Real Estate combined with purchase

of treasury shares and repayment of liquidity to the

company's shareholders over time.

Bank financing is returning after a few years with

little access to loan capital and the company's

management is satisfied with having established this

financing agreement this early.

For further information, please contact:

Morten Astrup, CIO

Storm Capital Management Ltd.

Phone: +44 (0) 7778 888 000

About Storm Real Estate ASA:

Storm Real Estate ASA's business strategy is to

acquire and manage modern yielding commercial

properties in Moscow and St Petersburg. The Company

only invests in yielding properties and is therefore

not exposed to development risks. The property

portfolio comprises two office buildings, Gasfield in

Moscow and Grifon House in St. Petersburg, with a

total lettable area of approximately 20,000 square

metres. Storm Real Estate ASA is managed by Storm

Capital Management Ltd in London.

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