Strominvest/Erilin

completed

JV Strominvest LLC (Strominvest or the sponsor) and Erilin Holdings Limited (Erilin or the borrower) have undertaken to develop a new 7-floor Class-A commercial real-estate building with 12,185 sqm usable space on the Myasnikova St., in Minsk, Belarus. The building, currently under construction, is expected to be completed and made available for lease by November 2008. During the construction phase, Strominvest will act as the project administrator and main contractor at an arms-length basis, and Erilin will provide for the necessary financing. On completion of construction, the building’s ownership will be transferred to Erilin. Total project cost on completion is estimated to be around EUR16 million (approximately $24 million equivalent).Once complete, the building will have a total area of 15,827 square meters (m²) and net leasable space of 12,185 m², including 7,948 sq meter office space 150 parking bays, a café and bar, central conference facilities, shops and showrooms. The building will be equipped to Class-A standards and will include central air conditioning, independent heating and fire & safety systems.