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DGAP-News: JSC Open Investments: announces sale of Viceroy Homes Limited

ID: 1183464
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(businesspress24) - EquityStory.RS, LLC-News: JSC Open Investments / Key word(s):
Disposal/Disposal
JSC Open Investments: announces sale of Viceroy Homes Limited

29.12.2012 / 06:00

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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY
OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA

JSC OPIN

ANNOUNCES SALE OF VICEROY HOMES LIMITED

Joint Stock Company 'Open Investments' (JSC 'OPIN' or the 'Company')
(BLOOMBERG: MICEX - OPIN.RM), one of the leading real estate developers in
Russia, today announces a sale of fully owned Canadian subsidiary Viceroy
Homes Limited specialising in manufacturing of custom-made prefabricated
homes in North America.

Gross proceeds from this transaction were $US11 million.

Commenting on today's announcement, Artemiy Krylov, CEO of OPIN, said:

'Viceroy Homes Limited was established in 1955 and earned a reputation as
one of the most recognised brands in custom-manufactured prefabricated
homes in North America. Viceroy owns two manufacturing facilities in the
Canadian provinces of Ontario and British Columbia and operates through a
network of sales offices and independent home package dealerships across
Canada and internationally. In 2008 OPIN acquired Viceroy in order to use
its wood-frame manufacturing technology and assembly in the Company's
projects. However, this technology has not gained popularity on the Russian
out-of-town housing market. Moreover, the emergence of the world's
financial crisis and slowing construction volumes in Canada and the US has
negatively affected Viceroy's financial performance; as a result in an
attempt to further optimise our asset structure we made a decision of its
disposal.'

- ends -

For further information, please contact:



Investors:
Stanislav Joukov +7 495 363 2211 ext. 2388

About OPIN

Established in 2002, JSC OPIN is one of the leading real estate development
companies operating in Russia.

OPIN is focused on the development of master-planned multi-format
residential communities and the operation of high-quality commercial
properties in Moscow and the Moscow Region. Having completed nearly 200,000
sq. m of commercial space and 500 ha of developed master-planned
communities, today OPIN is a well-recognised brand in the domestic market,
known for the market-leading quality of the projects it delivers. Through
its property expertise and successful track record, the Company's strategic
goal is to become a platform for the consolidation of assets in the real
estate industry in Russia.

As of the end of 2012, residential communities Pavlovo, Pestovo and
Martemyanovo are at final stages of completion and sales. In addition in
2012 OPIN launched three new projects. Construction of a first phase
comfort-class residential complex Vesna with the total combined area of
more than 220,000 sq. m started in July and sales were started in November.
(2) Full permitting and site mobilisation was completed for Rublevo, a
premium-class residential complex with the total area of 50,000 sq. m. A
contract with general contractor was signed and sales will open in spring
2013. In Pestovo Life, a business-class cottage community consisting of 100
individual plots sales opened in April and as of today over 30% of space
was sold. Next year OPIN plans to bring to the market a series of new
projects to be developed on the Company's land bank togetherwith
co-investors.

The Company's majority shareholder is ONEXIM Holdings Ltd, a major private
investment group in the CIS region with a diversified portfolio of assets
in mining, real estate, financial services, media, energy production and
high-tech.

OPIN's current strategy is focused on development of attractive real estate
projects with focus on business and premium class residential communities
in Moscow and the Moscow Region.

Further details can be found on the OPIN website at www.opin.ru


End of Corporate News

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29.12.2012 Dissemination of a Corporate News, transmitted by
EquityStory.RS, LLC - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

EquityStory.RS, LLC's Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: JSC Open Investments
Tverskoy blvr, 13/1
123104 Moscow
Russia
Phone: + 7 495 363 22 11
E-mail: info(at)opin.ru
Internet: www.opin.ru
ISIN: RU000A0DJ9B4


End of News EquityStory.RS, LLC News-Service
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197906 29.12.2012



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Date: 12/29/2012 - 06:00
Language: English
News-ID 1183464
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