Mongolia Growth Group Ltd. Announces Grand Opening Of Tuguldur Center
TORONTO, CANADA, December 22, 2014 /FSC/ ‐ Mongolia Growth Group Ltd. (YAK ‐ TSXV and MNGGF – USA) (“MGG”) or (“the Company”) a commercial real estate investment and development company participating in the dynamic growth of the Mongolian economy is proud to announce that the Tuguldur Center had its grand opening celebration on Friday December 19th.
This grand opening is the culmination of over a year of effort from all departments at the company, including acquisitions, accounting, development, leasing and property management. MGG successfully identified the distressed opportunity, arranged for bank debt, undertook extensive renovations, leased out the property and turned it over to property management.
The property is now 99% leased and the bank debt has been fully retired through the sale of non-core assets including the accelerated payment of all amounts owed to MGG from the sale of Mandal Daatgal, MGG’s former insurance subsidiary. “I want to thank everyone who was involved in making Tuguldur such a success for MGG,” said Harris Kupperman, Chairman and CEO of MGG. “Through everyone’s hard work, the property is almost entirely leased at targeted rates. Beginning in December 2014, Tuguldur will become a substantial contributor to our overall revenue.”
“Based on the success that we have had with Tuguldur Stage I, MGG is actively pushing forward on plans for Tuguldur Stage II. We have a waiting list of prospective tenants looking for additional space and feel confident that we can transition these inquiries into tenants when stage II is completed.”
For more information about Mongolia Growth Group, please contact Genevieve Walkden at Gwalkden@mongoliagrowthgroup.com or visit the Company’s website at www.MongoliaGrowthGroup.com Mongolia Growth Group Ltd. is a publicly traded and leading property investment and development company in Ulaanbaatar, Mongolia. MGG owns an extensive property portfolio in diversified segments of the property market, with an emphasis on institutional-grade commercial assets. MGG undertakes its own property acquisitions, develops brownfield land assets and repositions outdated properties, relying on in-house services for all facets of both the investment portfolio and development side of the business. In addition, MGG acts as a full-service third-party provider for institutional clients and tailors transactions covering acquisition-to-suit, build-to-suit, as well as refurbish-to-suit, for property owners and major tenants. ###
Forward-looking Information and Statements Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties. Forward-looking information and statements contained in this news release include information with respect to our intention to move forward into the construction of international standard properties in Mongolia. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. MGG cautions the reader that such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: risks associated with investment in and development of real property in Mongolia; competition, financing and refinancing risks; risks related to economic conditions; risks related to regulation of the real estate business in Mongolia; political risk in Mongolia; changes in Mongolian taxation rules; reliance on key personnel; environmental matters; tenant risks; and other risk factors more particularly described in in MGG’s filings with Canadian securities regulators, which filings are available at www.sedar.com. Additional risks and uncertainties not presently known to MGG or that MGG currently believes to be less significant may also adversely affect MGG. Forward-looking information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes. MGG does not undertake any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except to the extent legally required. The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.