PRESS RELEASE / October 17, 2012
Ruric lost four arbitration cases relating to Apraksin Yard
October 15-16, 2012 Ruric lost four arbitration cases relating to Apraksin Yard. Three cases refer to the confirmation of the title to the building 33 in Apraksin Yard, and compensation of losses related to delay in registration of title to the buildings 15, 16, 33. The 4th case refers to Glavstroy who signed the term sheet to buy out Ruiric's part but has not completed this action.
Ruric will continue its attempts to push the stated matters through the Russians courts. The next resolutions on the issue are expected to be in 2013.
For additional information
Denis Savinkin, CFO
Email dsavinkin@ruric.com
Web www.ruric.com
ABOUT RURIC
Ruric's business strategy is to manage real estate in the center 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 at First North is Erik Penser Bankaktiebolag
Ruric lost four arbitration cases relating to Apraksin Yard
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Source: Russian Real Estate Investment Company via Thomson Reuters ONEHUG#1650075