LSR Group has entered into 9 government contracts with Committee for city property management of St. Petersburg for purchase of apartments. These apartments will be provided by the Government to citizens who need to improve their living conditions.
The city acquired 1,653 apartments with a total area of 92,283.6 m2, for a total price of RUB 5,159.1m in Novaya Okhta project. These apartments are scheduled for completion before 31 December 2015 and will be transferred to the government in June 2016.
Notes to Editors:
OJSC LSR Groupis a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials, real estate development and panel construction. LSR Group's main operations are located in St. Petersburg, Moscow and Yekaterinburg. As of 31 December 2013 (according to DTZ), the net sellable area of the projects in LSR Group's real estate portfolio is equal to 7.8m m2 with the market value of RUB 117bn. In 2013, the sales revenue of LSR Group amounted to RUB 65,316m (IFRS). LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on Moscow Exchange.
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