Moscow, October 17 2011 PIK Group, a leading Russian real estate developer focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions, launches its commercial real estate infrastructure management program for Group’s residential projects.
PIK Retail is a new for the local market centralized street retail property management program. Retail premises are included into Close Share Real Estate Investment Funds for further lease to professional tenants. First five funds will contain commercial ground floors of the residential buildings and neighborhood shopping centers located in Moscow and Moscow region. Total area of the first five funds is approx. 45,000 sq. m. Total retail area to be included into the program during upcoming 3 years is over 200,000 sq. m.
PIK Retail program is targeted for a broad range of investors, including qualified and non-qualified investors. Primarily funds shares will be offered to institutional buyers – banks, non-state pension funds and insurance companies. The program partner is investment group TRINFICO.
The main goal of the program is lifestyle quality improvement in all Group’s residential districts. The program intended to create a balanced commercial infrastructure with most demanded ‘around the corner’ tenants.
The tenancy mix is based on the market research made by leading international consultants and needs of the district residents. Our neighborhood retailers are both well-known customer-oriented companies and new brands.
Currently PIK Group is negotiating leases with a number of companies including the leading supermarket chains, such as X5 Retail Group, O’Key, Dixi, W&B and electronic chain M.video, a number of fitness clubs, pharmacies, kid’s good chains etc.
Artem Eyramdzhants, First Vice President of PIK Group commented: “We are proud to step up to a new level of quality in the affordable housing segment. Launching our PIK Retail program our target is to develop a balanced social and retail infrastructure offering all necessary urban support elements within walking distance. Our strategy is to create a better quality lifestyle for our customers and to achieve this goal we pay very close attention to global issues as well as to smaller details.”