JSC Open Investments
JSC Open Investments: JSC OPIN announces disposal of non-strategic asset in Moscow
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 DISPOSAL OF NON-STRATEGIC ASSET: RETAIL DEVELOPMENT PROJECT IN MOSCOW JSC OPIN announces today a sale of Raikina shopping centre project located at 8 Sheremetyevskaya Street in Moscow. The amount of transaction is $US50 million. The project assumed a redevelopment of two municipal buildings previously occupied by cultural centre named after famous Russian comedian Arkady Raikin into a 70,000 sq. m shopping and entertainment centre (building A) and a 5,000 sq. m facility (building B) for the needs of not-for-profit Raikina Culture and Arts Development Fund (project co-investor). In building A the underground part is completed only; building B is 90% constructed and may soon be ready for fit-out works. Commenting on today’s announcement, Artemiy Krylov, CEO of OPIN, said: ‘Sale of Raikina lies in line with our new strategy to dispose non-core assets and concentrate on the development of master-planned multi-format residential communities in Moscow and Moscow Region. OPIN is ready to invest resources in only quality yielding assets in Moscow. OPIN continues the development and sales of real estate in our famous Pavlovo, Pestovo and Martemyanovo housing communities and in a short while we will be launching a number of large-scale multi-format residential projects in the Moscow Region. With proceeds from sale of Raikina the Company plans to repay a portion of its current debt and reinvest into new projects with higher return potential’. -end- For further information, please contact: Investors: Media: About OPIN Established in 2002, JSC OPIN is one of the leading real estate development companies operating in Moscow and Moscow Region. OPIN is focused on the development of master-planned multi-format residential communities and operation of high-quality commercial properties in Moscow and Moscow Region. Having completed nearly 200,000 sq. m of commercial space and 500 ha of developed master-planned communities, OPIN today 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 consolidation of assets in the real estate industry in Russia. As of 30 June 2011 OPIN’s total assets were US$1.86 billion, predominantly comprising of residential and land bank properties as well commercial real estate. In 2010 the Company recorded total revenue of US$151 million and during six months of 2011 – US$115 million. The Company’s majority shareholder is ONEXIM Holdings Ltd, a major private investment group in CIS with a diversified portfolio of assets in mining, real estate, financial services, media, energy production and high tech. In November 2004 OPIN was successfully admitted to the RTS stock exchange and since then has carried out six secondary public offerings, raising nearly US$2 billion. Further details can be found on the OPIN website at www.opin.ru End of Corporate News 15.09.2011 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 | ||
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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