(LONDON, June 15 2010) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, and Storm Properties inform of the change in Storm Properties’ shareholder structure.

Michael Belton, the founder of Storm Properties, in cooperation with the company’s management acquired from PIK Group a controlling stake in Storm Properties (51%).

Upon the agreement between the parties, Michael Belton and the management of Storm Properties receive control over the 51% stake in Storm Properties, which in turn owns a share in the commercial real estate project K2 Business Park, located in the Moscow region.

In return, PIK Group receives a share in the commercial real estate project Pulkovo, located in Saint-Petersburg, which was previously held by Storm Properties.      

Pavel Poselenov, CEO of PIK Group comments:

“This transaction upon Storm Properties reflects PIK Group’s strategy of focusing on its core mass-housing market segment in Moscow Metropolitan Area.”