AI assistant
KMC Properties ASA — M&A Activity 2010
Nov 24, 2010
3645_rns_2010-11-24_bfa783f9-09a0-4cd5-8d7c-e92116b1f816.html
M&A Activity
Open in viewerOpens in your device viewer
Storm Real Estate ASA and Ruric have agreed on a final settlement regarding the sale and purchase of the Grifon House
Ruric and Storm Real Estate ASA have agreed on a
final settlement regarding the sale and purchase of
the Grifon House
PRESS RELEASE 24-11-2010
LONDON/STOCKHOLM, 24 November, 2010 - Ruric AB and
Storm Real Estate ASA are pleased to announce that
the sale of the Grifon House Business Centre has now
been concluded without the need of the Arbitration
Court in Stockholm.
In a joint statement from Ruric AB CEO, Craig
Anderson and the CIO of Storm Capital Management
Ltd., Morten E. Astrup, comment;
"This dispute has been going on for too long and we
are glad that an amicable settlement agreement has
now been concluded to the satisfaction of both
parties."
"Storm Real Estate ASA has paid a lump sum of MUSD
3.75 to Ruric and has also agreed to undertake all
outstanding warranties related to the Grifon House
Business Centre. Ruric will include some periphery
utility equipment and liaise directly with 3rd party
contractors to ensure the smooth transition."
"Ruric and Storm Real Estate ASA both agree that the
robustness and endurance of the contractual
negotiations between the companies has strengthened
the working relationship between them, thus enabling
the possibility of future business in Russia between
the companies."
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 property
portfolio comprises office buildings with a total
lettable area of ca 20,000 sq m. All buildings are
100% let out to solid companies. Storm Real Estate
ASA is quoted on the main list at the Oslo Stock
Exchange, ticker STORM.
For further information, please contact:
Morten E. Astrup, CIO
Phone: +44 7778 888 000
Email: [email protected]
Web: www.stormcapital.co.uk
About RURIC
Ruric's business strategy is to manage real estate in
the centre 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 on First North is Erik
Penser Bankaktiebolag
For additional information
Craig Anderson, CEO
tel +7 812 703 35 50
e-mail: [email protected]
web: www.ruric.com