RNS Number:5280K
Northern European Properties Ltd
21 December 2007



                                Portfolio update


Friday, 21 December 2007

Northern European Properties Limited ("the Company") previously announced the
proposed acquisition of, amongst other properties, an office building in St
Petersburg from Ruric. The delay in closing the transaction related principally
to undertakings from the vendor in the sale and purchase agreements.  The
Company and the vendor have reached a mutual agreement not to fulfil the sale
and purchase agreement signed earlier this year due to continuing delays in the
construction work.

The Company had expected the consideration to be approximately USD23m. Progress
towards completion of the other Russian acquisitions remains as previously
announced.



Enquiries:

Jens Engwall, Chairman                                 Tel: +46 70 690 65 50

Thomas Lindeborg, CEO                                  Tel: +44 20 7499 40 60

Per Lindblad, CFO                                      Tel: +46 8 456 32 51




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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