Storm Real Estate, a Russian Asset Investor, Floats Shares

By The Moscow Times

July 6, 2010

Norwegian fund Storm Real Estate, which invests in Russian real estate, listed 23.5 million shares on the Oslo Stock Exchange in an initial public offering Tuesday.

The listing price is 14 Norwegian krones ($2.20) per share, said Morten Astrup, chief executive of managing company Storm Capital Management.

"We believe the listing will positively affect the stock and represents an opportunity for a wider audience to invest in the company, thus giving better access to equity and debt financing going forward," he said in a statement.

Astrup said the company, whose current capitalization accounts for about $50 million, is also hoping to attract Russian investors.

Storm Real Estate owns the business centers Gas Field in Moscow and Grifon in St. Petersburg.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue