(LONDON, 4 February 2008) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announced the acquisition of new land plot in the city of Azov. The total plot area is 2.6 hectares and PIK plans to develop 55,000 sq. meters of housing on the site.

The city of Azov, which has a population of approximately 80,000, is a satellite of Rostov, located next to the Azov Sea. The coastline at Azov is one of the most popular and affordable recreation resorts in Russia for middle income families. Last month the federal government announced the establishment of a 20 million square meter gaming zone in the area, one of four designated gaming zones in the Russian Federation. The area is also popular with families wishing to relocate from the harsher climate of northern Russia.