Open Investments Sold Domnikov Business Center to Group of Investors

OREANDA-NEWS. October 2, 2009. Joint Stock Company “Open Investments” (JSC “OPIN” or the “Company”) has completed the selling transaction of 100% shares of the charter capital of “Sakharov Business Plaza” LLC, the company that leads the construction project of the Business Center “Domnikov”. The purchaser is the group of investors.

The selling transaction of 100% shares of the charter capital of “Sakharov Business Plaza” LLC, the company that leads the construction project of the Business Center “Domnikov” is completed.

The 100% shares of the charter capital of “Sakharov Business Plaza” LLC were sold for 2 billion 991million 278 thousand of rubles. In addition the investors accepted in full scale all liabilities under USD 250mln. loan from Sberbank, and all expenses related to the completion of project construction and putting it into the operation and lease.

In July 2009 the offer proposal to acquire Domnikov Business Center that is currently under construction was made to the two major shareholders of OPIN ONEXIM Group LLC and Holding Company Interros (ZAO). However, upon the offer expiration date neither of the shareholders expressed their interest in the proposal.

Sergey Bachin, General Director of JSC “OPIN”, commented:

 “We are still interested in selling this asset that is financed by 250 mln credit facility- the largest credit obligation of OPIN with Sberbank. The completed on market terms transaction fully corresponds to the existing development strategy of our company.”

The Business Center with a total building area of 132,000 sqm located in Moscow on Prospect Akademika Sakharova currently is in the final phase of its completion. To this date the inspection works of the engineering systems and lift equipment have been started, the interior finishing and adjacent area improvement works are in progress.

The loan facility under the pledge of “Domnikov” was issued by Sberbank for a nine years term in June 2008. The servicing of the loan, excluding the repayment of principal debt is approximately USD 30 mln. per year.