PIK Group, the leading Russian residential real estate developer, and Storm Properties, PIK’s partner in the commercial market, are pleased to announce the purchase of a 1.5 hectare land plot in Saint Petersburg.  Both companies are investing into the project with Storm Properties performing the role of developer.

The site is situated 150 metres away from the international airport Pulkovo-2 in a good location parallel to Startovaya street, in close proximity to the Pulkovskoye Highway as well as the main exit from the airport.

The project, a Class A office complex with a total area of 80,000 sq.m, will be the first commercial project near to St. Petersburg airport. The estimated completion time for the project is four years.

Michael Belton, President of Storm Properties commented:

“For the last three years the commercial real estate market in St. Petersburg has been continuously developing.  There has been a growing level of investment in construction, caused by an ever increasing demand for quality office space.

Rental rates also continue to grow which indicates stability in the local market.  Moreover, the existing office centres of the northern capital do not meet international standards, while  tenants’ requirements are becoming more exacting. 

We believe that our experience in the development of Class A office space will help to fill a niche in St. Petersburg.  The project’s location adjacent to the international airport will attract the type of large foreign tenants who have come to St. Petersburg in recent years.”

Kirill Pisarev, President of PIK Group added:

“The combination of Storm Properties and PIK Northwest in St. Petersburg will result in the development of a very high quality project.  The site will become a successful business quarter for this fast growing economical centre of Russia”.