Ashurst is advising NR Nordic & Russia Properties on the disposal of substantially all of its property assets as part of its stated strategy of implementing an orderly asset realisation programme.
Under the terms of multiple share purchase agreements signed last week, NR Nordic has agreed to sell all of its core Swedish, Polish and German assets to Kungsleden AB (publ) for approximately €384 million, and all of its Russian assets to Thomas Lindeborg for approximately €93 million. Completion of the core asset transaction will take place on 31 March 2011 and completion of the Russian asset transaction will take place by no later than 30 September 2011.
NR Nordic is a Jersey incorporated property company that was established in order to hold investments in real estate in the Nordic and Baltic regions and Russia. Ashurst advised NR Nordic in relation to its AIM IPO in November 2006 and last year advised the company’s independent directors on an unsuccessful takeover bid by Holowent Limited, a company ultimately owned by Ian and Richard Livingstone.
The Ashurst team advising NR Nordic is being led by corporate partner Nicholas Holmes with senior associate Tom Mercer. Also advising are tax partner Ian Johnson and senior loan markets associate Luke McDougall.
Numis Securities are acting as NR Nordic’s financial adviser and MAQS Law Firm (Sten Gjerot and Patric Olofsson) is advising NR Nordic in relation to Swedish law.
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