Moscow, March 26, 2015- PIK Group (LSE: PIK), one of the leading Russian residential developers, announces that it has won a tender for a multipurpose redevelopment of a land plot in Odintsovo-1.

The land plot, formerly a military residential community, has an area of 59.4 ha and is located in the Odinstovsky district of the Moscow region.

The redevelopment of the area is directed at improving housing conditions of current Odinstsovo-1 residents living in outdated buildings. Nearly 1,700 residents are expected to be relocated into new apartments as part of the redevelopment project.

According to the integrated development concept, the territory will include residential, retail and commercial areas creating a self-sufficient living environment in the close proximity to Moscow.

Residential development envisages the construction of around 480,300 square meters of housing with accompanying social infrastructure of kindergartens, schools, clinic, car parks, retail and consumer services.

Commercial development envisages the construction of a multipurpose public and business complex with a total area of ​​200,000 sq.m. and a shopping and entertainment center with an area of 60,000 sq.m. This is expected to create around 22,000 additional jobs in the community.

The project is planned to be completed within seven years.