PRESS RELEASE/ October 02, 2012
Positive decision for Ruric at the appellate court in St. Petersburg
On September 17th the appellate court decided in favor of Ruric and rejected the
City Property Management Committee's call for immediate termination of the
contract with Ruric's LLC "Income". This means a return to the state of where
these issues were three years ago. To fulfill Ruric's obligations there is a
need for infrastructure investments of 30-60 million rubles. Due to lack of
correct building permits there is currently no legal possibility to rent out
commercial premises at Apraksin Yard.
"We inherited this situation from the previous management, who has spent a
tremendous amount of financial resources without having basic permits", - says
Denis Martyushev, Ruric Board Member.
For additional information
Ingvar Ljungqvist, CEO
Phone +46 8 509 001 01
Email iljungqvist@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.
[HUG#1645848]
RURIC: Positive decision for Ruric at the appellate court in St. Petersburg
| Source: Russian Real Estate Inv. Company AB
Attachments
