OREANDA-NEWS. June 28, 2007. Joint Stock Company “Open Investments” (“OPIN” or the “Company”) continues to implement its strategy aimed at building the land bank and announces a successful closing of the significant transactions, reported the press-centre of  OPIN.

The Company has acquired control of a 100% of ownership interest in charter capital of “Agrosistema” LLC and a 100% of ownership interest in charter capital of “Invest-Service” LLC. “Agrosistema” LLC and “Invest Service” LLC are companies concentrated on investments in land suitable for future development.

As a result of the acquisition of “Agrosistema” LLC the Company has gained approximately 315 ha of land in the region of “Big Pestovo” located on the Dmitrovskoye highway, outside of Moscow. This land plot is also located near the Pestovo cottage community, a project that the Company has been developing since 2005. The development of the “Big Pestovo” project may also involve the acquisition of up to 1000 ha of land. The majority of this area is likely to be suitable for the development of lifestyle cottage communities, for not only the deluxe segment of the market, but also the middle class segment as well.

As a result of the acquisition of “Invest Service” LLC, the Company has gained control over approximately 3,200 ha of land in the Tver Region.

Sergey Bachin, General Director of “OPIN”, commented on the transactions: “As a result of these transactions the total land bank of the Company has exceeded 5,400 ha. The Company’s acquisition of large land plots along the corridors of the most efficient highways around Moscow will allow the Company to develop large-scale residential and commercial real estate projects. The Company is also considering the possibility of building lifestyle cottage communities with well-developed infrastructure suitable for the upper-middle and middle classes in the Tver Region. We believe that the middle class segment of the real estate market has a significant long-term growth potential that may be boosted further by the fast development of the residential mortgage market in Russia.”

Andrey Klishas, General Director of “Interros”, Chairman of the Board of Directors of JSC “OPIN”, noted that the new acquisitions are in line with the Company’s investment strategy.
According to Andrey Klishas, these transactions should allow JSC “OPIN” to strengthen its presence in the residential and commercial real estate market segments and have a positive effect on the Company’s capitalization growth.