London 25 March – PIK (LSE: PIK), a leading Russian nationwide residential property developer, today announces its intention to expand outside Russia for the first time by entering the Ukrainian market. PIK also intends to enter the residential market in the Russian city of St Petersburg.

PIK has been expanding its presence in the regions since 2006, entering cities such as Kaluga, Kaliningrad, Omsk, Perm, Novorossiysk, Rostov and Yaroslavl, Taganrog and Nizhny Novgorod. Over the next few years, management intends to expand PIK’s reach further, through land purchases and by acting as a consolidator of Russia’s fragmented real estate development industry.

PIK has recently established new business units, PIK Ukraine and PIK Northwest to facilitate the Group’s expansion into these important new territories. The units will be responsible for identifying land for purchase, zoning, and construction. PIK will make further announcements regarding these territories in due course.