PRESS RELEASE,
15th October, 2007
St. Petersburg

Desna Development and international real estate consultant Colliers International proudly announce the successful closing of the largest leasing deal in the office property market of St. Petersburg. Colliers International acted as consultants and brokers for Desna Development to lease 10,000 sq. m. premises for investment bank KIT Finance in Renaissance Plaza, a new class A office complex which will open its gates in December 2007.

Renaissance Plaza is located in the center of city at 69/71Marata Street, within easy walking distance to the Metro stations Pushkinskaya and Dostoevskaya. The complex consists of three buildings with a total area of 32,000 sq. m. Construction of the project was undertaken by one of the largest and most dynamic international companies active in St. Petersburg, Renaissance Construction (ranked 61st in the world's Top 225 International Contractors).

KIT Finance will fully occupy the 8-storey office block "B". According to KIT Finance, the main arguments for choosing Renaissance Plaza were the superbly convenient location in the center of the city and the quality of the project that embodies the highest standards of new modern office planning and construction. This is, indeed, one of the very few newly constructed office projects in the historical part of the city. Compared with competing renovated projects, it has much better potential to organize open space and provide state-of-the art engineering systems and communication technologies.

"This is the record deal in the office property market in St. Petersburg. Before it the largest deals were 6,000 sq. m. and in class B property. The 10,000 sq. m. lease by a single tenant, KIT Finance, is a remarkable event, and we expect it will underscore that in future more and more businesses will be concentrated in new modern business-centers", - said Kyle Patching, Office Director of Colliers International.

About Companies

The Desna Development Company was established in 2003 as a subsidiary of Renaissance Construction and has grown to become a highly recognized leader in the Russian Real Estate Market.
Desna Development offers a full range of services in the field of Land Development, Investment, Construction, Renovation, Management and Real Estate Divestment in the Russian Property Market. Desna Development is dedicated to achieving new standards of innovation and value in the acquisition, development and management for Real Estate services.

Based on its strategic partner's, Renaissance Construction experience, Desna Development builds shopping malls, hotels, business centers and residential projects.
KIT Finance is an independent Russian investment bank and a market leader in securities, investment management and advisory services to corporations, financial institutions and individuals. With 50+ offices in Russia and Eastern Europe KIT Finance provides wide range of services which includes trading and underwriting of securities and derivatives, M&A advisory, brokerage, asset management, private banking and retail banking.
Colliers International is the leading international real estate consultant with over 10,000 employees in more than 56 countries. Its network of 266 offices spans the globe, delivering superior service to clients in North and Latin America, Europe, Middle East and Asia Pacific.
Global transactions volume of Colliers International sums up to $54 billion. On the global scale the company's projects portfolio includes around 55.3 million square meters.
Colliers International started its operation in Moscow in 1994, in St. Petersburg - in 1995.

Press-service of Colliers International, St. Petersburg: Alina Karpichenko, (812) 718-36-18, mob. (921) 962-35-82, a.karpichenko@colliers.spb.ru