OREANDA-NEWS. January 11, 2013. Joint Stock Company “Open Investments” (JSC “OPIN” or the “Company”) (BLOOMBERG: MICEX - OPIN.RM), one of the leading real estate developers in Russia, today announces a sale of fully owned Canadian subsidiary Viceroy Homes Limited specialising in manufacturing of custom-made prefabricated homes in North America.

Gross proceeds from this transaction were USD US11 million.

Commenting on today’s announcement, Artemiy Krylov, CEO of OPIN, said:

“Viceroy Homes Limited was established in 1955 and earned a reputation as one of the most recognised brands in custom-manufactured prefabricated homes in North America. Viceroy owns two manufacturing facilities in the Canadian provinces of Ontario and British Columbia and operates through a network of sales offices and independent home package dealerships across Canada and internationally. In 2008 OPIN acquired Viceroy in order to use its wood-frame manufacturing technology and assembly in the Company’s projects. However, this technology has not gained popularity on the Russian out-of-town housing market. Moreover, the emergence of the world’s financial crisis and slowing construction volumes in Canada and the US has negatively affected Viceroy’s financial performance; as a result in an attempt to further optimise our asset structure we made a decision of its disposal.”