(LONDON, 20 June 2007) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announced the successful acquisition of an undeveloped land plot in one of Russia’s regions, in the city of Perm, where the Group already operates over a year.
The land plot was acquired through a municipal tender offer at a bid price of RUR 315.9 million (approximately US$ 12.2 million). The size of the land is approximately 6.4 hectares on which PIK plans to develop an entire residential community with underlying school and kindergartens. The area is for developing approximately 109,000 square meters of housing.
Perm is the capital city of the Ural province, also called Perm. Situated 800 miles east of Moscow on the River Kama, it is a major river port and an administrative, industrial, scientific and cultural centre for the region. It is the 6th largest city in Russia and has a population of over 1 million.
Commenting on today’s announcement, Kirill Pisarev, CEO of PIK said:
“This transaction is in line with our strategy, which envisages continued regional diversification into Russia’s regions. We see strong growth potential in residential housing in Perm. “
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