31.08.2009

Announcement on The Auction House of Russian Federation foundation

Property Fund of St. Petersburg and Sberbank of Russia announces the OJSC The Auction House of Russian Federation foundation. OJSC “The Auction House of Russian Federation” was founded at August 31, 2009, in accordance with order № 1186-r dated by August 19, 2009, issued by government of Russian Federation.

The shareholders of The Auction House of Russian Federation foundation are: OJSC “Property Fund of St. Petersburg”, OJSC “Sberbank of Russia”, CJSC «Sberbank-AST », noncommercial partnership «Property Managers and Developers Guild” and LLC “Russian Jeweler”. The Auction House of Russian Federation will become the first national auction site intended to the sale of private property: lands sites, buildings, commercial and residential objects, out-of-town real estate, shares of private companies etc.

Main objective of The Auction House of Russian Federation for the present will be the sale of property passed as mortgage for loans to Sberbank of Russia. Above the sales of property in mortgage during the extrajudicial procedure The Auction House of Russian Federation will also provide sales of property owned by bankrupted companies.