Eastern European Markets
March, the10th, 2008

EPI Russia I acquired a business center in St. Petersburg

Evli’s real estate equity fund EPI (ussia Russia I has acquired the Kellermann Center, a business center located in St. Petersburg, Russia. This marks the third investment made by the fund. The sellers of the property are Scandinavian Manufacturing ApS, Swedfund, East Capital Amber Fund and a number of private investors. The total value of the investment is expected to amount to some EUR 150 million after the development potential in the property has been realized.

The property is located in central St. Petersburg, at 10th Krasnoarmeiskaya str. 22. The existing office building has an area of approximately 20,000 square meters. An extension of 6,000 square meters is currently under construction, to be completed in the late fall of this year. The property also has building potential of additional 40,000 square meters of office premises.

“The site is superbly located and boasts highly functional connections to both the airport and the city center via the St. Petersburg metro system. Furthermore, the property attractively combines an optimally steady cash flow and substantial development potential, in accordance with the fund’s investment strategy,” says Petteri Nurminen, Managing Director of Evli Property Investments Ltd.

Established in June 2006, EPI Russia I is Finland's first real estate equity fund investing exclusively in Russia, and one of the few mutual funds in the world that focuses only on the Russian real estate market. The fund's investment strategy is to acquire and develop commercial properties in the St. Petersburg and
Moscow regions. The fund aims to establish a real estate portfolio of approximately EUR 350 - 400 million.

For more information:
Petteri Nurminen, Managing Director, Evli Property Investments Ltd,
+358 (0)9 4766 9271

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