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Real Estate Portfolio
Today 2008 the real estate portfolio of LSR Group includes the development projects in the residential and commercial property segments at the different stages of development of the net sellable area of over 8 million square meters.
The majority of our real estate development projects (over 90%) are located in St. Petersburg. We also have the number of development projects in Moscow, the Leningrad Region and Yekaterinburg.
Prior to the second half of 2008, when the financial crisis started to significantly affect Russian economy in the whole and the real estate industry in particular, we regularly revalued our real estate portfolio with independent external valuer.
Due to the very low predictability and visibility of the key economic indicators as well as real estate valuation parameters (discount rates, yields, etc) at the moment we made the decision not to conduct the valuation of our real estate portfolio at 31 December 2008. While we fully recognize that the valuation of our portfolio is very likely to materially reduce in the current economic conditions we believe that the external valuation is not able to provide the adequate values and guidance today. The additional consideration of not conducting the valuation is the cost saving which we believe is beneficial for all our stakeholders in the current situation.
We will consider conducting the next valuation when the economic situation stabilises.
The two most recent valuations of our real estate portfolio conducted by DTZ:
- at 30 June 2008
- at 31 December 2007
are available at this website.
| LSR Group’s Real Estate Portfolio Valuation at 30 June 2008 | |||
|---|---|---|---|
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Real Estate Portfolio Factsheet | download | |
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Full LSR Group Real Estate Portfolio Valuation Report | download | |
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Real Estate Portfolio Valuation Summary | download | |
| LSR Group’s Real Estate Portfolio Valuation at 31 December 2007 | |||
|---|---|---|---|
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LSR Group Real Estate Portfolio Fact Sheet at 31.12.07 | download | |
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Full LSR Group Real Estate Portfolio Valuation Report at 31 Dec 2007 | download | |
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LSR Group Real Estate Portfolio Valuation Summary at 31 Dec 2007 | download | |
