JSC Open Investments
JSC Open Investments: OPIN Has Presented Its Development Strategy until 2015
JSC Open Investments / Key word(s): Miscellaneous PRESS RELEASE OFFICIAL OPIN COMMUNICATION
OPIN Has Presented Its Development Strategy until 2015 OPIN Development Group Board has approved company development strategy until 2015 today. The strategy is targeted at the company's regaining its leading position in the industry, increasing net asset value to 2 billion USD by 2015 as well as at ensuring high OPIN stock liquidity and performing an international listing in 2012. Dwelling on the new strategy, Dmitry Razumov, ONEXIM Group General Director and OPIN Board Chairman, stressed that its main directions are residential and commercial property project portfolio diversification and creation of an OPIN-based platform for industry asset consolidation. The diversified company project portfolio, with the transfer of a number of objects by the ONEXIM Group to OPIN being the first step in its creation, will ensure stable financial inflow from sales and property use. Integrated area development – compulsory multi-format character, various price segment availability within a single project, developed infrastructure, connected utility lines and sizeable investment into the project at its early stages form the bedrock of a competitive developer business model. 'The company will construct over 240 thousand square meters of real estate, including trade and office centers, on 1,000 hectares of land in the Kiev, Dmitrov and Leningrad direction and invest over 680 million USD into new construction', said OPIN General Director Artemy Krylov. At the same time, the company will retain its leading position in the detached single family house construction sector and plans to complete the ongoing Pavlovo, Pestovo and Martemyanovo projects, the investment into shich amounts to almost 1 billion USD. OPIN will invest about 70 million USD into its residential areas in 2011. The Board of Directors resolved to sell some marginal assets of the company, search for a strategic investor for Viceroy Homes Ltd., a Canadian frame house manufacturer, sell the Raikin Retail and Entertainment Center as well as part of the company land bank presently equal to 38 thousand ha. 'Nowadays OPIN has all prerequisites for rapid growth. A positive market trend, financial stability of the company, our experience and the OPIN brand are a basis for successful company development', emphasized Artemy Krylov. Company Background. OTKRYTYE INVESTITSII (OPEN INVESTMENT) open joint-stock company (OAO OPIN) is the largest investment and development holding at the Russian market. The company was founded in 2002 with the purpose of asset consolidation in the real estate business. OAO OPIN successfully allocated its stock among a wide circle of international and Russian investors and became the first public company at the Russian real estate market. OPIN is implementing projects in Central Russia, developing its own stock market liquidity at the largest domestic exchange marketplaces and at international stock exchanges in the long run. Company profit amounted to 323 million USD and the estimated total values of its assets equaled to 2.3 billion USD in 2009. 3 largest detached single family house residential areas with a total value of 417 million USD – Pestovo (Dmitrov direction), Pavlovo (Novorizhsky direction) and Martemyanovo (Kiev direction) – are under construction at the moment. OPIN was pronounced the Developer of the Year at the Residential Area of the Year contest in 2011. The Pestovo project won in the Best Elite Residential Area nomination and the Pavlovo residential area won a prize as the Best Infrastructure and Development Project. For more information please contact:
Anna Rogova, JSC OPIN Press Secretary End of Corporate News 27.05.2011 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 | ||
Russland | ||
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 |
126595 27.05.2011 |