| 5 November 2008
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British Sibir Energy plc plans to buy the Sovetsky Hotel
The British Sibir Energy plc plans to buy the former Sovetskaya Hotel in Moscow from the entities of one of its major shareholders Shalv? Chigirinsky for $81.7 million as reported by the company.
Besides, Sibir Energy will also acquire from S. Chigirinsky entities affiliated with him 100% shares of Intaym Firm Co.,Ltd., which owns a land under construction at Leningradsky Prospekt in Moscow at a cost of $75 million
Thus, Sibir Energy plc will spend $115.4 million for the purchase of the two assets. The company has already paid $57.7 million to each of them.
According to the head of Sibir Energy plc, Henry Cameron, whose words are contained in the report, the company intends to further expand its portfolio of assets in real estate. "In the short term, Sibir Energy sees a significant potential for business development in buying assets in real estate at an attractive cost", H. Cameron said.
The former Sovetskaya Hotel (now Sovetsky Hotel) located at Leningradsky Prospect was sold to the entities of S. Chigirinsky in June 2007 for 1.6 billion rubles (about $63 million).
The hotel building, built in 1911, is a four-storey non-residential building with a total area of 18.2 thousand sq. meters.
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