(LONDON, 14 June 2007) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announced the acquisition of land plot in the north-eastern part of Moscow.

The size of the land area is approximately 2.6 hectares. PIK plans to redevelop the area for residential housing and construct up to 60,000 square meters of housing.

Commenting on today’s announcement, Kirill Pisarev, CEO of PIK said:

“This transaction is in line with our business strategy, which contemplates continued replacement and enlargement of our large and diversified land bank. We see strong demand for residential housing in Moscow and this acquisition enables us to maintain our pipeline of projects in Russia’s key real estate market, by providing the necessary land for development. We are pleased to complete this transaction.“