Storm Real Estate ASA - Sale of Grifon House in St. Petersburg

Storm Real Estate ASA - Sale of Grifon House in St. Petersburg

The Storm Real Estate group has via subsidiaries on 7

December 2015 entered into an agreement to sell its shares

in Pete Ltd which owns CJSC Grifon and thus the Grifon

building in St Petersburg.

The transaction is based on a property value of USD 12.6

million. The transaction is expected to have an impact on

the company's net asset value of approximately USD -2.1

million. The agreement does not contain major

representations and warranties.

The relevant bank debt of USD 10.0 million will be repaid as

part of the transaction. The closing date of the transaction

is set to Monday 15th December 2015.

For further information, please contact:

Erik Mathiesen

Storm Capital Management Ltd.

[email protected]

Telefon: +44 (0) 20 7409 3375

Einar Pedersen

Storm Capital Management Ltd.

[email protected]

Telefon: +44 (0) 20 7409 3369