(LONDON, 09 June 2008) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announced the acquisition of a major land plot in the historic heart of the city of St. Petersburg. The intention to acquire this site was initially announced on 4th June 2008.

The site located in an exclusive area will be used to develop business class housing and represents a flagship development in the city. Project is located on the total site area of approx. 400 hectares which has been reclaimed from the sea, of which approx. 200 hectares is sanctioned for real estate development, both office, retail and residential.

The total area acquired is 63,4 hectares on which PIK plans to develop 1,315,000 sq. meters of housing including 1,138, 050 square meters of business –class housing. The project is to be developed for the next 10 years.