Ramstore IV

completed

Ramenka (or the company), a Russian limited liability company, was founded in 1997 by Enka Insaat ve Sanayi Anonim Sirketi, Turkey’s leading construction group, and Migros Turk Ticaret Anonim Sirketi, the largest Turkish retailer. Operating under the name "Ramstore", Ramenka conducts two major types of business operations: - retail sales of food and non-food products; and - lease of retail space in the company-owned hypermarket stores to other businesses. As of March 2005, the company operated a total of 6 hypermarkets and 32 supermarkets in Moscow and other cities in Russia. Stores under operation had a net retail area of 92,000 sqm, in addition to 61,000 sqm in leasable space. In 2004, the company had sales of $388 million, assets of $404 million and equity of $159 million. To respond to the booming market demand for quality retail outlets and rental space in Russia, the company is looking at constructing 2 supermarkets with attached shopping malls located in the Moscow Region (Orekhovo-Zuyevo and Reutov) and 3 hypermarkets with attached malls in Moscow, St.Petersburg and Togliatti (Southern Russia). The total retail area and rental area of the project stores will be 19,435 sqm and 55,700 sqm, respectively. Project completion is expected in March 2007.