Storm Real Estate ASA hereby issues a Detailed Announcement 
in accordance with the Continuing Obligations of listed 
companies section 3.4


1. Transaction and Parties

As announced on 7 December 2015, the Storm Real Estate group 
has via subsidiaries agreed a sale on 100% of the shares in 
Pete Ltd who owns CJSC Grifon and thus the Grifon Building 
in St Petersburg. The buyers are companies of the PSI Cro 
group, Switzerland. The parties expect the closing to be 
done on 15 December 2015. It is not expected that the 
transaction will trigger any statutory obligations or 
requirement on either party. 


2. The purchase price

The transaction will be done as a sale of receivables 
towards group entities and shares in the subsidiary Pete 
Ltd. The total consideration is 13.2 million USD, which 
implies a gross property value for Storm Real Estate of 14.1 
million USD, when liquid assets are subtracted and 
recognised deferred tax is added. The settlement is in cash 
and without major representation and warranties. Bank 
borrowings related to the Grifon House of USD 10.0 million 
USD will be repaid as part of this transaction. 


3. Further description of the companies and 
transaction.

The selling entities Tiberton Yard Ltd and Tiberton Yard 
Holding 2 Ltd are wholly owned group companies o  the Storm 
Real Estate group. Grifon House is an office building in St 
Petersburg which is near 100% let to LLC PSI, which is an 
affiliated company to the buyer.  

Pete Ltd is a holding company without any other business 
than the ownership of the shares in CJSC Grifon. Key figures 
for the subsidiary CJSC last three years, as they were 
recognised in the consolidated group accounts are shown 
below (numbers in 000 USD).
 
Revenues			
2014:	2.882						
2013:	2.987			   			
2012:	2.984			   			

Annual profit (excl fair value adjustments, building)
2014:	 1.029
2013:	   760
2012:	   501

The board of directors of Tiberton Yard Ltd consists of Erik 
M Mathiesen. The board of Tiberton Yard Holding 2 Ltd 
consists of Erik Mathiesen, Nataly Nestoros and Suzanne 
Kalogreades. There is one person employed by CJSC Grifon. 


4. Background and consequences of the transaction

The transaction means that the Storm Real Estate group is 
selling a significant asset. The decision for the sale was 
an overall assessment of the price, terms, debt and general 
economic and political risk. The sale price will be used to 
repay debt and provide better security and flexibility for 
the company's future operations.


5. About agreements with directors or senior executives in 
relation to the transaction

No agreements have been entered into with any related 
parties in connection with the transaction.



For further information, please contact:

Erik Mathiesen
Storm Capital Management Ltd.
erik@stormcapital.co.uk
Telefon: +44 (0) 20 7409 3375

Einar Pedersen
Storm Capital Management Ltd.
einar@stormcapital.co.uk
Telefon: +44 (0) 20 7409 3369