Portfolio Update
December 21 2007 - 8:41AM
UK Regulatory
RNS Number:5280K
Northern European Properties Ltd
21 December 2007
Portfolio update
Friday, 21 December 2007
Northern European Properties Limited ("the Company") previously announced the
proposed acquisition of, amongst other properties, an office building in St
Petersburg from Ruric. The delay in closing the transaction related principally
to undertakings from the vendor in the sale and purchase agreements. The
Company and the vendor have reached a mutual agreement not to fulfil the sale
and purchase agreement signed earlier this year due to continuing delays in the
construction work.
The Company had expected the consideration to be approximately USD23m. Progress
towards completion of the other Russian acquisitions remains as previously
announced.
Enquiries:
Jens Engwall, Chairman Tel: +46 70 690 65 50
Thomas Lindeborg, CEO Tel: +44 20 7499 40 60
Per Lindblad, CFO Tel: +46 8 456 32 51
This information is provided by RNS
The company news service from the London Stock Exchange
END
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