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2011-09-12 10:00:00 CEST 2011-09-12 10:00:48 CEST REGULATED INFORMATION Sponda - Company AnnouncementSponda partnering in Russian Invest real estate investment company to be establishedSponda Plc Stock exchange release 12 September 2011, 11:00 a.m. Sponda partnering in Russian Invest real estate investment company to be established Real estate investment company Sponda has signed an agreement with SRV, Ilmarinen, Etera and Onvest to establish Russian Invest, an investment company in Russia. The newly established company will invest in property investment projects in Moscow and St Petersburg. SRV will assume responsibility for project development and marketing and will also act as the leading project contractor for projects approved by the investment company. The partners have committed to invest a total of EUR 95.5 million in the investment company. Sponda, Ilmarinen and SRV each own 27% of the newly established company. Etera owns approximately 13 per cent and Onvest about five per cent. The capital will be tied up only after the investments have been identified and investment decisions made. Otherwise, the aim is to finance Russian Invest development projects through project-specific bank loans. The total investment amount may reach approximately EUR 300 million. The investment company's strategy is to sell off the completed properties after a few years of ownership. - The business concept of Russian Invest supports Sponda's growth strategy in Russia. During the investment period we will have the opportunity to acquire new properties that meet international standards from the joint venture and thereby grow our Russian property portfolio, says Kari Inkinen, CEO of Sponda Plc. Sponda has been operating in the Russian market since 2006 and established itself as a provider of quality business premises and as a property investor that invests in long-term property development. Sponda's properties are in central locations in Moscow and St Petersburg. Sponda Plc Further information: Kari Inkinen, President and CEO, tel. +358 400 402 653 Sponda Plc is a real estate investment company specialising in commercial properties in the largest cities in Finland and in Russia. Sponda's business concept is to own, lease and develop office, retail and logistics properties into environments that promote the business success of its clients. The fair value of Sponda's investment properties is approximately EUR 3.1 billion and the leasable area is around 1.5 million square metres. |
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