2. STORM CAPITAL MANAGEMENT
DISCLAIMER
This document is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation
security, product.
of an offer to purchase any security future or other financial instrument or product It is not intended to form the basis of an
investment decision and has not been verified. Storm Real Estate ASA (“Storm”) makes no recommendation or
representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained
herein or any other information, whether written or oral, made available and any liability therefore is expressly disclaimed.
Such information is presented as of the date and if applicable time indicated and Storm does not accept any responsibility
and, applicable,
for updating any such information.
Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient
in the evaluation of the matters described herein; such simulations projections valuations and analyses may be based on
simulations, projections,
subjective assessments and assumptions and may utilise one among alternative methodologies that produce differing
results; accordingly, such simulations, projections, valuations and statistical analyses are not to be viewed as facts and
should not be relied upon as an accurate representation of future events. No representation or warranty is given as to any
of the simulations or analyses or as to the achievement or reasonableness of any future projections or estimates
analyses, estimates,
contained in this document.
This document has been prepared by Storm Capital Management Ltd. and should not be considered impartial research
under FSA Rules The views expressed may not be supported by independent analysis The author of this document may
Rules. analysis.
be remunerated as a result of transactions generated by this information.
Storm Capital Management Ltd. is authorised and regulated in the United Kingdom by the Financial Services Authority. Its
registered office is at 100 New Bond Street, London W1S 1SP, United Kingdom.
eg ste ed o ce s 00 e o d St eet, o do S S , U ted gdo
2
4. STORM CAPITAL MANAGEMENT
KEY TAKE AWAYS
Revenues for Q3 2011 of US$ 2.9 million, compared to US$ 2.7 million for Q3 2010
1. Revenue growth of 9.0% compared to the same period last year
NAV per share per on 30 September, 2011 of NOK 24.51
2. Up 1.6% since 30 June 2011
Significant improvement in revenues during Q3 2011
4
6. STORM CAPITAL MANAGEMENT
Q3 AND 1st 9 MONTHS IN SUMMARY
Asset value of real estate portfolio increased by US$0.9 million in the 3nd quarter and US$ 17.6
Real Estate Portfolio million for the first 9 months of 2011
Increase of 0.7% compared to previous quarter and an increase of 20.5% compared to year end
Rental income of US$ 2.9million in the 3rd quarter and US$ 8.9 million for the 1st 9 months of 2011
Rental Income
Increase of 9.0% and 9.5% over the same quarter and 1st 9 months last year, respectively
During the 3rd Quarter Storm Real Estate ASA continued to progress negotiations regarding the
Investment Program potential acquisition of a commercial property in Moscow as reported in the last quarter
Transaction subject to acceptable financing terms and board approval
Comprehensive loss for the 3rd quarter of US$ 5.8 million compared to comprehensive income of
US$ 2.6 million in the same period in 2010.
Comprehensive Income
Comprehensive income for 9m 2011 amounted to US$ 13.6 million, compared to US$ 2.6 million
for 9m 2010
Negative adjustment of the investment in Eastern Property Holdings of USD 2.1 million during Q3
Liquidity management Liquidity management during the 1st 9 months of 2011 increased the value of cash and liquid
investments by USD 1.7 million, representing an annualised return of 5% for the period
NAV Per Share NAV per share of NOK 24.51 at the end of the quarter
In 2009 we focused on consolidating our position and on positioning the company for 2010 – Storm Real Estate is
g p p g p y
Positive quarter and first 9 months performance with continued increase in NAV
now in a strong position to exploit the many acquisition opportunities in the Russian office market
6
7. STORM CAPITAL MANAGEMENT
QUARTERLY OPERATIONAL UPDATE -
HIGHLIGHTS
1) Signed lease extension with Gazprom Tsentrremont in Gasfield
2) New tenants in Gasfield
− Concluded lease agreement for the vacant premises with a total area of 237 sq.m. at attractive market rates
− Concluded lease agreements for the gym and the beauty spa (the area of the premises is 600 sq.m.). These premises
are now divided and let to two different tenants
3) Constructed 8 additional parking slots in Gasfield, all which is now rented out
4) Conducted tender process for the technical maintenance of both Grifon House and Gasfield
− Tender
T d process conducted i accordance with approved rules
d t d in d ith d l
− Process took 1.5 months
− Result of tender will result in a c. 20% cost reduction for Gasfield
− T h i l procedures of th t d are over, and we are now selecting th most attractive bidd
Technical d f the tender d l ti the t tt ti bidder
5) Currently no outstanding rents and fully in line with the approved budget for both Gasfield and Grifon House
Both Gasfield and Grifon House are fully let, and lease extension with Gazprom has been concluded
let
7
9. STORM CAPITAL MANAGEMENT
FINANCIAL HIGHLIGHTS 2009
Full Year First 9 Months 3rd Quarter 2011
000)
(USD ‘000) 31/12/10 30/09/10(1) 30/09/11(1) 30/09/10(1) 30/09/11(1)
Total Income $11.317 $8.106 $8.876 $2.704 $2.947
Property Related Expenses (2.761) (2.008) (2.319) (616) (669)
Personnel Expenses (536) (335) (639) (128) (120)
Other Operating Expenses (3.335) (2.617) (2.291) (859) (658)
Operating Profit (Loss) Before Fair Value Adjustments $4.685 $3.126 $3.627 $1,102 $1.501
Gain / Loss from Fair Value Adjustments on Investment Property 4,720 4.446 23.653 (209) 14,439
Total Operating Profit (Loss) $9.405 $7.573 $27.281 $893 $15.940
Net Financial Gains (Losses) (1.253) (2.639) (2.114) 555 (5.003)
Earnings Before Tax (EBT) $8.152 $4.934 $25.165 $1.449 $10.937
Income Tax Expense ( )
(2.244) (1.724) (5.837) (706) (3.296)
Profit (Loss) for the Period $5.908 $3.210 $19.328 $742 $7.549
Other Comprehensive Income (Net of Tax)(2) (348) (579) (5.755) 1.906 (13.481)
Total Comprehensive Income (Net of Tax)(2) $5.559 $2.632 $13.573 $2.648 ($5.840)
(1) Unaudited.
(2) Net income includes the currency affect of asset revaluations. Storm Real Estate ASA’s buildings are revalued by an external valuer. The local functional currency is RUB, the effect of
value change in roubles is presented over the income statement. The remaining effect in USD is allocated to equity and presented over the statement of comprehensive income.
9
10. STORM CAPITAL MANAGEMENT
INCOME STATEMENT
STATEMENT,
FINANCIAL HIGHLIGHTS 2009
ALTERNATIVE PRESENTATION
Q3 YTD
(USD ‘000)
Rental income 2.947 8.876
Property related costs (669) (2.319)
NOI from properties 2.278 6.556
Other
Oth operating costs
ti t (777) (2 929)
(2.929)
EBIT before fair value adjustment on properties 1.501 3.627
Fair value adjustment on properties in USD 880 17.600
Net cash management (2.624) 1.711
Interest expenses (831) (2.043)
Interest and contract derivatives (1.914) (1.908)
Net of FX gains/loses and FX derivatives 447 261
Other finance expenses (80) (137)
Net finance (5.003) 2.115
Tax expense (3.296)
(3 296) (5.837)
(5 837)
Net of other intra-group translation differences excl property 77 297
Total Comprehensive Income (5.840)
(5 840) 13.573
13 573
10
11. STORM CAPITAL MANAGEMENT
BALANCE SHEET
(USD ‘000) 31/12/10
31/03/07 30/09/11(1)
Pro Forma 31/12/10
31/03/07 30/09/11(1)
Pro Forma
Investment Property $85,860 $103,460 Bank loans $38,824 $49.618
Total non-current assets $86,529 $104,960
Other liabilities $10,325 $14.534
Total liabilities $49,149 $64.152
Cash & liquid investments(2) $38,325 $42,805
Total current assets $41,942
$41 942 $44,672
$44 672 Shareholder s
Shareholder’s equity $79,324
$79 324 $85.482
$85 482
Total assets $ ,
$128,471 $ ,
$149,633 q y
Total equity and liabilities $ ,
$128,471 $
$149.633
Solid balance sheet and significant cash position ready to be deployed
(1) Unaudited.
(2) Includes cash invested in liquid securities for cash management purposes. 11
12. STORM CAPITAL MANAGEMENT
CASH & LIQUID INVESTMENTS
• The majority of liquid investments were per 30 September 2011 invested in financial securities and funds
• R d ti i cash and li id i
Reduction in h d liquid investments primarily d t
t t i il due to:
− Decrease in value of financial investments;
− Buy-back of own shares; and
− Reduction in short term debt
(USD million)
( ) 31/12/10 31/03/11 30/06/11 30/09/11
Pro Forma
Cash & cash equivalents $29.7 $25.2 $13.9 $18.8
Financial investments 8.6 34.5 33.3 24.0
Cash & liquid investments $38.3 $59.7 $47.2 $42.8
Cash management transactions with settlement post period end 1.4 (15.5) 1.0 0.1
Cash & liquid investments comparative balance $39.7 $44.2 $48.2 $42.9
12
13. STORM CAPITAL MANAGEMENT
BREAK DOWN
BREAK-DOWN OF CASH & LIQUID
INVESTMENTS
• 44% of total Cash & Liquid Investments were cash as
per 30 September 2011 0%
17%
• Other key items included 38% invested in Storm Bond
Fund and 17% invested in shares of Russian real
estate companies 1%
44%
38%
Cash Storm Bond Fund Bonds (other) Shares Other
13
14. STORM CAPITAL MANAGEMENT
OVERVIEW STORM BOND FUND
Weighted Yield of Portfolio Sector Exposure of Portfolio
15.0% 60%
14.6% 51%
14.5% 50%
39%
14.0% 40%
13.5% 30%
13.0%
13.0% 20%
12.5% 10% 7%
3%
0%
12.0%
12 0% 0%
Weighted yield to maturity Weighted yield to call Transportation Real Estate Other Energy Oil Service
Portfolio Credit Rating Duration of Portfolio
9% 60%
16%
48%
50%
40%
10% 28%
30% 22% 21%
20% 17% 17% 12%
11% 10%
2% 6% 6%
10%
0% 0% 0% 0%
65% 0%
2011 2012 2013 2014 2015 2016 2017 2018
BBB- BB B CCC and lower Maturity (%) Call (%)
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15. STORM CAPITAL MANAGEMENT
SHARE PRICE PERFORMANCE
NOK
• The Storm Real Estate ASA share is
18,00
18 00
traded
t d d on O l St k Exchange
Oslo Stock E h
16,00
Listed on the Oslo main exchange on
6 July 2010 14,00 94% (1)
72%
• Currently more than 500 shareholders 12,00
• Storm Nordic Fund and related parties 10,00
where principals of St
h i i l f Storm N di F d
Nordic Fund 8,00
have a controlling interest, are currently
the largest shareholders in the Company 6,00
with a combined stake of c 16 0%(1)
c. 16.0% 4,00
• Current share price of NOK 13.90 per 2,00
share (10 November 2011)
0,00
0 00
• Net Asset Value 30 September 2011 was 30 des 08 30 jun 09 31 des 09 30 jun 10 31 des 10 30 jun 11
24.51 NOK per share Storm Real Estate ASA OSEBX
(1) As per 30 September 2011
(2) Return on the Storm Real Estate ASA share for the period has been adjusted for the NOK 1.5 dividend per share paid out in Q2 2011.
Source: Bloomberg, Netfonds, Oslo Stock Exchange.
15
17. STORM CAPITAL MANAGEMENT
MACRO OVERVIEW - RUSSIA
• Key news for the quarter was Mr. Putin’s decision to
Macro Economic Indicators – Q1 2005 to Q3 2011
stand for the 2012 presidential elections with Mr.
Medvedev as prime minister 30%
While the decision has attracted certain international
20%
criticism, it does effectively remove much uncertainty
regarding Russia’s leadership over the next 6 y
g g p years 10%
• Russia’s economy performed relatively well compared
0%
to the poor growth in the Euro area Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
05 05 06 06 07 07 08 08 09 09 10 10 11 11
Russian gross domestic product expanded 5.2% in -10%
August compared to a year earlier
-20%
Relatively low inflation at 4.7% for the first 9 months
-30%
Retail sales in August grew by 7.8% compared to a
year earlier
li -40%
• The rubel depreciated 15% against the US dollar during Consumer Conf idence Index (%) Industrial Optimism Index (%)
the quarter from 27.95 to 32.10
Partly due to political factors and increased capital Source: Rosstat, IET, Cushman & Wakefield
outflows from Russia
Russia is experiencing relatively solid economic growth compared to the Euro area but with relatively low inflation
area,
17
18. STORM CAPITAL MANAGEMENT
COMMERCIAL REAL ESTATE
INVESTMENTS - RUSSIA
• During the first 9 months of 2011 the volume of
commercial real estate investment transactions was Domestic versus Foreign Investment
estimated at USD 6.5 billion
100%
c. 60% more than the c. USD 4 billion for the same
80%
period in 2010
60%
Investments in St. Petersburg has picked up
I t t i St P t b h i k d 40%
significantly compared to previous years 20%
0%
• Cushman & Wakefield expect 2011 to see the highest
2004 2005 2006 2007 2008 2009 2010 2011
level of real estate investments ever of USD 7.5 billion YTD
Partly fuelled by increased inflow of foreign investors Domestic Investors Foreign Investors
Transactions Split by Sector Transactions Split by Regions
USD million
illi USD million
illi
8,000 8,000
7,000 7,000
6,000 6,000
5,000 5,000
4,000 4,000
3,000
3 000 3,000
3 000
2,000 2,000
1,000 1,000
0 0
2004 2005 2006 2007 2008 2009 2010 2011 2004 2005 2006 2007 2008 2009 2010 2011
Hospitality Retail Warehouse Of f ice Forecast Moscow Regions St. Petersburg Forecast
Source: Cushman & Wakefield
18
19. STORM CAPITAL MANAGEMENT
OFFICE REAL ESTATE INVESTMENTS -
RUSSIA
• Investment activity in Russian commercial real estate
continued to grow during the first 9 months of 2011 European Office Clock Q3 2011
The Office segment received c. 30% of total
investments, amounting to c. USD 2 billion
Investments in the segment increased by c. 16%
compared to the same period last year
• All these transactions were done in Moscow, of which
90% was in class A office space
The remaining 10% was in class B+ office space
• Prime office yields have stabilised at 9% with a slight
downward trend
• The investment market continue to be dominated by y
domestic capital, but foreign capital has returned
Source: Jones Lang LaSalle, July 2011
Continued growth in office real estate investments in Q3 2011
19
20. STORM CAPITAL MANAGEMENT
MOSCOW – OFFICE MARKET
• The Moscow office market continued to improve during
Q3 2011 Take-up, Completions and Vacancy Rate
Million Sq. Meters Vacancy Rate
Take-up of c. 261,000 sq. meters during the quarter, 2.0 25%
a slight fall vs. previous quarters however influenced 1.6 20%
by seasonal factors
1.2 15%
• S
Supply growth continued t b l
l th ti d to be low d i Q3 2011 and
during d 0.8 10%
is expected to continue to be low in 2011 0.4 5%
0.0 0%
c. 121,200 sq. meters were delivered in Q3,
compared to 97,233 sq. meters delivered in Q2
Vacancy Rate Supply Take-Up
New supply coming to the market still on historically
relatively low levels, c. 600,000 sq. meters expected
to come to market in 2011 Average Base Rental Rates
USD per Sq. Meter per Year
p q p
• V
Vacancy rates continued its downward t d i Q3
t ti d it d d trend in 2,000 Research
2011 after a brief uptick in Q2 2011 Estimates
1,500
Average vacancy rate in Q3 stood at c. 13% 1,000
Limited new supply is expected to reduce the 500
vacancy rate further towards the end of the year
0
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011E
2012E
2013E
2014E
2015E
• Class A rental rates continued to increase by c. 9.5% in
Q3 2011 while Class B renal rates remained stable
Class A Class B
Source: Jones Lang LaSalle, Cushman & Wakefield, CBRE
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21. STORM CAPITAL MANAGEMENT
ST. PETERSBURG – OFFICE MARKET
• Class A and Class B modern office space stock reached
almost 1.96 million sq. meters in Q3 2011 Net Absorption Rate of New Buildings
Sq. Meters
Six new office projects totalling 67,200 sq.meters
140,000
delivered in Q3 vs. two new projects in Q2 120,000
100,000
Four Class B office buildings, one Class A office 80,000
60,000
60 000
building l the large scale Cl
b ildi plus th l l Class A project St
j t St. 40,000
Petersburg Plaza 20,000
0
Pipeline of office projects under construction is -20,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
currently limited 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11
Completions Net Absorption
• Jones Lang LaSalle reported a slight uptick in vacancy
rates from 12.6% in Q2 2011 to 13.1% in Q3, largely
due to a seasonal slowing down of market activity Base Rents and Vacancy Rates
USD per Sq. Meter per Year Vacancy
Class A vacancy was 23 4% and Cl
Cl 23.4% d Class B vacancy 800 30%
was 9.5% at the end of Q3 2011 700 25%
600
500 20%
• Due to large amount of new buildings quarterly net
400 15%
absorbtion continued to show a negative trend 300 10%
200
5%
• Tenant base continue to be price sensitive – limiting 100
0 0%
rental growth 2004 2005 2006 2007 2008 2009 2010 Q3
2011
Rental rates continued to be stable during the quarter
Vacancy Rate Base Rent Class A Base Rent Class B
Source: Jones Lang LaSalle, Cushman & Wakefield, CBRE
21
23. STORM CAPITAL MANAGEMENT
OPPORTUNITY PIPELINE
• During the 3rd Quarter Storm Real Estate ASA continued to progress negotiations regarding the acquisition opportunity
reported in the previous quarter
− Due diligence close to be completed
− Purchase price agreed
− Transaction subject to acceptable financing terms and board approval
Key Highlights of Potential Acquisition Opportunity
• Transaction value of below USD 50 million
Deal Size
• Acquisition to be financed partly with existing cash and partly with new debt financing
Counter P
C Party /
Developer
• Reputable, large international corporation listed on a recognised stock exchange
• Commercial property built in 2009
Building
• Building of high international standard
• Centrally located – in the historical, administrative and business centre of Moscow with excellent
Location
communications by both public transport and car
An eventual transactions is dependant on accetable financing in a difficult credit market 23
25. STORM CAPITAL MANAGEMENT
FOCUSED BUSINESS STRATEGY
Acquisition and management of commercial real estate in Russia, and
investment in real estate stocks and bonds with Russia exposure
Focus on Russia Focus on class A and class B buildings centrally located in larger cities
Main focus currently on Moscow and St. Petersburg
High quality
Provides a secure income stream with gearing potential to increase property
Focus on yielding return on equ ty
etu o equity p
portfolio and
properties Properties with solid and diverse tenant base operations
Ensures flexibility and security for investors 100% occupancy
Favourable legal ,
ratio with solid,
Optimises flexibility in making new acquisitions to property portfolio or in
structure
t t divesting existing assets long-term
tenants
Own local Buildings managed by a team of six locally based professionals
management in
g Maintenance outsourced to experienced operators Market segment
g
Russia Close relationship with tenants with
considerable
Maintain high standards of quality, safety and reliability
upside potential
Capitalise on strong Aim to be a preferred landlord in the Russian market
reputation Effectively utilise Storm Real Estate ASA’s strong reputation in the
ff S S Well positioned
market and established relationships with key stakeholders
for growth
Create value for the shareholders through combining solid operations
Optimise shareholder with creating a liquid market for the share
value Active investment strategy to maximise exposure to Russian real estate
25
27. STORM CAPITAL MANAGEMENT
WHY STORM REAL ESTATE ASA
Solid t
S lid track record
k d
on existing portfolio
Only listed Strong
company offering a
ff i management team
tt
pure-play exposure and local
to the Russian real administration in
estate market Russia
Ideally positioned
Strong balance
to capitalise on a
sheet
market up turn
up-turn
Strong pipeline of
acquisition
q
opportunities
Storm Real Estate ASA is ideally positioned to capitalise on a potential up turn in the Russian real estate market
up-turn
27
28. STORM CAPITAL MANAGEMENT
OVERVIEW OF STORM REAL ESTATE ASA
To build a leading real estate company through the acquisition and management of
Vision commercial real estate in Russia, including investments in shares and bonds
Class A and class B buildings centrally located in larger cities
Focus
Main focus on Moscow and St. Petersburg
Gasfield Building in Moscow and Grifon House in St. Petersburg
Current property portfolio Total gross area of c. 20,000 square meters, with both buildings fully let
Blue chip tenants within oil, gas and pharmaceuticals
Established in 2007 by Pareto Securities and Colliers International
History On 1 November 2008 Storm Capital Management Ltd. took charge of the management
Acquired Grifon House in April 2009 for USD 17 million on a debt free basis
Traded on the Oslo main exchange
Shareholders
Currently more than 550 shareholders
28
29. STORM CAPITAL MANAGEMENT
HIGH QUALITY PROPERTY PORTFOLIO
Gasfield Building Grifon House
• Class B building located centrally in Moscow / “Gazprom land” • Fully renovated class B building located centrally in St. Petersburg
• 15,000 square meters of which 11,516 square meters are lettable • 6,970 square meters of lettable office space
• Built 2006 • Includes air conditioning and secure parking
• p y
Occupancy ratio of 100% • y y
Easy to access area with two metro stations nearby
• Currently 15 tenants of which Gazprom is currently the largest • Occupancy ratio of 100%
• Storm Real Estate ASA completed the largest lease deal in Russia • Building fully let to an affiliate of Swiss PSI Cro AG
during H1 2009 with Gazprom for the lease of office space in Gasfield
PSI Cro AG is a leading Contract Research Corporation specialising
• Annual property related net operating income of c. USD 6.3 million
p p y p g in conducting clinical trials in Eastern Europe
g p
• Annual property related net operating income of c. USD 2.1 million
29
30. STORM CAPITAL MANAGEMENT
STORM REAL ESTATE ASA –
OPERATIONAL STRUCTURE
Team of 11 people based in London
Responsibilities
Overall responsibility and strategic direction of the company
London Acquisitions and disposals, as well as active investment management
Finance
Management, administration and relationship building
Investor relations
The London and Russia teams work closely together on a day-to-day basis
Team of 6 people based in Russia – 5 in Moscow and 1 in St. Petersburg
Responsibilities
Day-to-day management of the buildings
Moscow and
Tenant management / relationship building
St. Petersburg New tenant sourcing
Up-keep
Up eep
Local due-diligence
Strong team of 17 professionals split between London Moscow and St. Petersburg
London, St
30
32. STORM CAPITAL MANAGEMENT
Fund portfolio
OVERVIEW OF STORM CAPITAL
STORM CAPITAL MANAGEMENT LTD.
CONTACT
MANAGEMENT LTD.
Storm Capital Management Ltd. is an independent investment
management firm focusing on energy, transport and real estate in the
energy
Nordic markets and Russia. Storm Nordic Fund was launched in November 2006, under SEB
Fund Services Luxembourg's umbrella. The Fund had previously
Through our funds, we offer a range of strategies and employ been traded as the Norwegian domiciled fund called Ørn Norden AS,
fundamental research combined with active portfolio management to with a track record dating back to 2002. The objective was to provide
achieve the greatest risk-adjusted returns
risk adjusted returns. investors with th opportunity t i
i t ith the t it to invest i th Nordic markets b t ki
t in the N di k t by taking
advantage of the expertise of the portfolio managers.
The client base consists of a combination of family offices, high net
worth individuals and institutional investors.
The Company is based in London and has 11 employees of whom 3
are investment professionals. Storm Real Estate ASA employs an Storm Bond Fund was launched in September 2008, as a response
additional 6 people in Russia. to demand from investors and the opportunity seen by the managers
in the credit market. Storm Bond Fund exclusively invests in bonds in
Storm Capital’s edge lies in its deep industry knowledge and network the same markets as Storm Nordic Fund and is also administrated by
in its core sectors Storm Capital has direct access to and regular
sectors. SEB Fund Services i L
F dS i in Luxembourg.
b
meetings with management of targeted companies. The portfolio
managers together have more than 40 years experience from asset
management and corporate finance.
Storm Capital Management Ltd. is authorised and regulated by the
Ltd Storm Real Estate ASA was launched in November 2008 when
FSA in the UK. Storm Capital Management Ltd. took over the management of
Norwegian company E-Star Property AS, by taking an activist
approach to one of its investments on behalf of Storm Nordic Fund.
The Company has invested in two yielding properties in Moscow and
St. Petersburg.
32
33. STORM CAPITAL MANAGEMENT
CONTACT
100 New Bond Street
London, W1S 1SP
United Kingdom
Einar Pedersen – CFO
E mail: einar@stormcapital.co.uk
E-mail: einar@stormcapital co uk
Tel: +44 (0)207 409 33 69
Fax: +44 (0)207 4913464
Web: www.stormcapital.co.uk
33