London, April 23  2012- PIK Group, a leading Russian real estate developer focusing on large-scale residential projects within the Moscow Metropolitan Area and selected regions in Russia, today announces that it has completed the sale of a land plot in Korolyov, Moscow Region. The sale to Globus, a large private German retailer, was agreed at a price of 755 million rubles.

Located on a former industrial area in Korolyov, the land totals 11.2 hectare where Globus is planning to build a hypermarket.

Globus is a private German international retail chain. The company has hypermarkets in Germany, Czech Republic and Russia. Currently, Globus is actively developing its presence in Russia with 5 hypermarkets in different cities.

Commenting, Artem Eyramdzhants, First Vice President of PIK Group said:

"We are pleased to have concluded the sale of this non-core project, which is not included in the Group's balance sheet land bank valuation. Its disposal is in line with the company's strategy to consider selling projects that are not a priority for its own development."