Press release 14-03-2012 Ruric agrees deal with investment partner Scorpio to take full control of Fontanka 57 property in St Petersburg. In line with its strategy and action plan Ruric has agreed to buy out its investment partner Scorpio from the Fontanka 57 development project for close to SEK 88 mln (USD 2 mln in cash, USD 8 mln in loan notes and SEK 20 mln in newly issued shares) to take full control of the project. The transaction is subject to approvals of the respective Boards of Ruric in Sweden and Scorpio in Israel, as well as to the consent of the bondholders of the respective companies. This transaction is deemed as essential to enable Ruric to invite partners for the development and ultimate sale of this attractive project. The project has been at an unfortunate standstill for most of 2011. Mr Adam Fischer, Ruric's CEO, in a comment: "We are pleased to have arrived at this mutually agreeable solution with Scorpio for the development of Fontanka 57. We are also pleased with being able to show the first tangible result of the action plan initiated by Ruric's new Board and Management, and I am convinced that this soon will be translated into realized investment gains." Russian Real Estate Investment Company AB (publ) For additional information Adam Fischer, CEO Phone +46 8 509 00 101 email afischer@ruric.com web www.ruric.com ABOUT RURIC Ruric's business strategy is to manage real estate in the centre 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. [HUG#1593892]
RURIC TAKES FULL CONTROL OF FONTANKA 57 PROPERTY
| Source: Russian Real Estate Inv. Company AB