JSC Open Investments
JSC Open Investments: announces sale of Viceroy Homes Limited
JSC Open Investments / Key word(s): Disposal/Disposal THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA JSC OPIN ANNOUNCES SALE OF VICEROY HOMES LIMITED Joint Stock Company ‘Open Investments’ (JSC ‘OPIN’ or the ‘Company’) (BLOOMBERG: MICEX – OPIN.RM), one of the leading real estate developers in Russia, today announces a sale of fully owned Canadian subsidiary Viceroy Homes Limited specialising in manufacturing of custom-made prefabricated homes in North America. Gross proceeds from this transaction were $US11 million. Commenting on today’s announcement, Artemiy Krylov, CEO of OPIN, said: ‘Viceroy Homes Limited was established in 1955 and earned a reputation as one of the most recognised brands in custom-manufactured prefabricated homes in North America. Viceroy owns two manufacturing facilities in the Canadian provinces of Ontario and British Columbia and operates through a network of sales offices and independent home package dealerships across Canada and internationally. In 2008 OPIN acquired Viceroy in order to use its wood-frame manufacturing technology and assembly in the Company’s projects. However, this technology has not gained popularity on the Russian out-of-town housing market. Moreover, the emergence of the world’s financial crisis and slowing construction volumes in Canada and the US has negatively affected Viceroy’s financial performance; as a result in an attempt to further optimise our asset structure we made a decision of its disposal.’ – ends – Investors: About OPIN Established in 2002, JSC OPIN is one of the leading real estate development companies operating in Russia. OPIN is focused on the development of master-planned multi-format residential communities and the operation of high-quality commercial properties in Moscow and the Moscow Region. Having completed nearly 200,000 sq. m of commercial space and 500 ha of developed master-planned communities, today OPIN is a well-recognised brand in the domestic market, known for the market-leading quality of the projects it delivers. Through its property expertise and successful track record, the Company’s strategic goal is to become a platform for the consolidation of assets in the real estate industry in Russia. As of the end of 2012, residential communities Pavlovo, Pestovo and Martemyanovo are at final stages of completion and sales. In addition in 2012 OPIN launched three new projects. Construction of a first phase comfort-class residential complex Vesna with the total combined area of more than 220,000 sq. m started in July and sales were started in November. (2) Full permitting and site mobilisation was completed for Rublevo, a premium-class residential complex with the total area of 50,000 sq. m. A contract with general contractor was signed and sales will open in spring 2013. In Pestovo Life, a business-class cottage community consisting of 100 individual plots sales opened in April and as of today over 30% of space was sold. Next year OPIN plans to bring to the market a series of new projects to be developed on the Company’s land bank together with co-investors. The Company’s majority shareholder is ONEXIM Holdings Ltd, a major private investment group in the CIS region with a diversified portfolio of assets in mining, real estate, financial services, media, energy production and high-tech. OPIN’s current strategy is focused on development of attractive real estate projects with focus on business and premium class residential communities in Moscow and the Moscow Region. Further details can be found on the OPIN website at www.opin.ru End of Corporate News 29.12.2012 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | JSC Open Investments | |
Tverskoy blvr, 13/1 | ||
123104 Moscow | ||
Russia | ||
Phone: | + 7 495 363 22 11 | |
E-mail: | info@opin.ru | |
Internet: | www.opin.ru | |
ISIN: | RU000A0DJ9B4 | |
End of News | EquityStory.RS, LLC News-Service |
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