Press-centre - Joint Stock Company Open Investments has sold the Domnikov Business Center to the group of investors

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 $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 $30 mln. per year.

Domnikov Class A Business Centre multifunctional office center which will meet the modern investment grade class A office requirements.

The business center will consist of three buildings on a single stylobate with a total building area of 132,000 sqm. The total floor area of 27-storey high-rise office building (Block 1) will amount to approximately 23,000 sqm, the total floor area of 8-storey (Block 2) and 11-storey (Block 3) low rise buildings will amount to 45,000 sqm and will face Akademika Sakharova Prospect and Orlikov Lane, respectively. The business center also includes an underground parking accommodating approximately 1,090 vehicles.

Main project descriptions: prime location, easy transport access ;excellent building visibility, unique and recognizable design; modern engineering and technical systems; efficient floor plans; well developed infrastructure (shops, restaurant, fitness centre, multi-purpose conference hall); good parking ratio.

Project participants:
• architects – Vorontsov Architectural Bureau;
• architectural consultant - MMA + Fitzroy Robinson (UK);
• structural engineering – Waterman International (UK); Centroproject (Serbia), Jedinstvo (Serbia);
• general contractor- Southbrook;
• construction works consultant – Savant International (UK);
• sub-contractor for construction of the underground part – Soletcnche Bachy (France).

OPIN is a Russian real estate investment and development group. The Company was established in September 2002 by Interros.

OPIN was the first Russian real estate developer to be listed in Russia: in November 2004 the Company successfully placed its shares among international and Russian investors (IPO). As at 25 September 2009, the Company’s market capitalisation was approximately US$ 0.64 billion. The Company's shares are listed on the Russian Trading System stock exchange (List B) and are included in the RTS and RTS-2 indexes.

The investment strategy of the Company is focused on the diversification of its project portfolio across attractive segments of the Russian real estate market, in Moscow and the surrounding regions, as well as in Central Russia and South of Russia, while maintaining a balance between investments in development projects and the retention of income producing properties. The Company plans to actively grow its landbank, seeking to acquire quality land plots suitable for residential and other developments in Moscow Region and surrounding areas, typically close to attractive recreational areas such as waterways and woodlands, with convenient transport links to Moscow.

The Company's real estate portfolio includes:

Class A office space:
• OPIN Plaza Class A business centre, planned to be developed near to the “Moscow City” project.

Master-Plan Developments:
• Pavlovo Community, a residential community currently under development on the Novorizhskoye Highway, including Pavlovo-1 and Pavlovo-2 Communities;
• Pestovo Community, a residential community currently under development, on the Dmitrovskoye Highway outside of Moscow;
• Martemianovo Community, a residential community currently under development, on the Kievskoye Highway;
• Sochi Hotel and Resort Estate on the shore of the Black Sea in Sochi.

Prefabricated timber frame housing:
• Viceroy Homes Limited.

Development projects’ management and consulting services:
• Mountain Ski Resort Rosa Khutor.

Other projects:
• A.I. Raikin Art, Culture and Leisure Centre Retail and Entertainment Complex, currently under construction in Moscow.

Land Plots:
• Land plots to the northern and the western directions of Moscow;
• Land plots on the Dmitrovskoye Highway;
• Land plots on the Kievskoye Highway.

According to the consolidated financial statements of JSC OPIN prepared in accordance with IFRS, the Company’s total assets has increased by 5% in comparison with the beginning of the year and reached US$3.6 billion as at 31 December 2008, equity attributable to the shareholders of the parent company has decreased by 6% since the beginning of the year to US$2.6 billion as at 31 December 2008. Revenue increase by 72% in comparison with 2007, reaching US$ 283 million, gross margin has increased by 42% in comparison with 2007, reaching US$ 87 million.

The audit of consolidated financial statements for the year ended 31 December 2008 was conducted by international audit and consulting company Deloitte, who has been the auditor of JSC “OPIN” since 2002. OPIN is a Russian real estate investment and development group. The Company was established in September 2002 by Interros.

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