Ruric confirms that a non-legally binding bid has been received for the properties Oscar, Magnus and Gustaf from Storm Real Estate. The offer is considered to be too low and will not be accepted. The objective with the current reorganization is to keep the cash generating properties, and not to sell at such a distressed price. This is for the benefit for all investors in Ruric, both creditors and share holders. Storm has not yet paid according to schedule for the property (Grifon House) that they purchased from Ruric in April 2009. The payment was due late 2009. There are on-going discussions regarding the reasons for this late payment and Ruric hope to receive the outstanding sum in the very near future and before arbitration steps are required. Russian Real Estate Investment Company AB (publ) For further information Craig Anderson, CEO Phone +7 812 703 35 50 (St. Petersburg) Phone +46 8 509 00 100 (Stockholm) e-mail craig@ruric.com <mailto:craig@ruric.com> ABOUT RURIC Ruric's business concept is to acquire, develop, manage, lease out and divest real estate assets in St. Petersburg, Russia, offering top-quality commercial premises in the best locations, thus contributing to the successful business performance of its tenants. The company's vision is to become a leading real estate company in central St. Petersburg. The company's strategy is to identify high-potential real estate in the city centre of St. Petersburg, structure appropriate deals and acquire at best price. After renovation top-notch commercial space is offered to tenants seeking the best possible premises and that are willing to pay for such premises. Ruric's Certified Advisor on First North is Erik Penser Bankaktiebolag [HUG#1385377]
Ruric confirms indicative offer for three properties
| Source: Russian Real Estate Inv. Company AB