23 Apr 2019 07:30
23 April 2019
Etalon Completes Residence on Pokrovskiy Boulevard
ETALON GROUP PLC ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, announces that it has completed Residence on Pokrovskiy Boulevard project in the Basmanniy district of Moscow. The project has a total NSA of 6 ths sqm and consists of a seven-storey, premium-class apartment building that offers two-level underground parking, as well as an area for business meetings on the ground floor.
The apartments in the facility range from 50 to 161 square metres, with two luxurious penthouses on the top floor. The project is located in the very heart of the Russian capital. There are numerous cultural and historical attractions in its immediate vicinity, including the Kremlin, Red Square and St Basil's Cathedral, among others. Despite its central location, the complex is situated in a quiet, peaceful pocket of green space adjacent to the Milyutinsky and Morozov gardens.
The Residence on Pokrovskiy Boulevard project became part of Etalon Group's portfolio after its acquisition of a controlling stake in Leader-Invest in February 2019. At the time of acquisition, Leader-Invest's portfolio included 31 projects under construction or at design stage, unsold inventory at eight completed residential complexes, and commercial real estate, with a total NSA of 1.3 million sqm. All NSA sold at the Residence on Pokrovskiy Boulevard project from 19 February 2019 onward will be included in Etalon Group's consolidated financial results, starting with 1H 2019.
This and other recent announcements are available on the Etalon Group website: http://www.etalongroup.com/investors/news
Etalon Group IR Team
T: +44 20 8123 1328
E: info@etalongroup.com
EM
Sam VanDerlip
T: +44 7554 993 032
T: +7 499 918 3134
E: vanderlip@em-comms.com
About Etalon Group
Founded in 1987, Etalon Group has become one of Russia's largest development and construction corporations. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas, where it operates through Etalon Invest and Etalon LenSpetsSMU subsidiaries. With a more than 30-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry - since its inception, Etalon Group has commissioned 6.3 million sqm.
Etalon Group's traditionally conservative approach managing its financial position, solid cash generation and strict working capital management have enabled the company to maintain a secure liquidity position: net cash as of 31 December 2018 was RUB 2.2 billion.
The Company is vertically integrated, which helps it to control costs, quality and timing, as well as to demonstrate best-in-class profitability. Etalon Group employs 5 thousand people, and its nationwide sales and marketing network covers 58 Russian cities.
As of 30 June 2018, Etalon Group's assets comprised 39 projects and a construction and maintenance division, with a total of 2.73 million sqm of unsold net sellable area. Knight Frank valued the Company's assets at RUB 132,487 million.
For the year ended 31 December 2018, Etalon Group's new contract sales totalled 628 ths sqm, or RUB 68,731 million. Deliveries in 2018 amounted to 479 ths sqm.
The Company recorded revenue of RUB 72.3 billion and EBITDA of RUB 5.7 billion for the year ended 31 December 2018.
Etalon Group's GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.
In February 2019 Etalon Group acquired 51% of the shares of Leader-Invest, one of Moscow's largest residential developers in terms of land bank and number of projects currently available for sale. Leader-Invest's primary focus is on infill development projects and integrated development of large-scale mixed use projects in the comfort-, business- and premium-class segments. Leader-Invest's portfolio includes 31 projects under construction or at the design stage, unsold inventory at eight completed residential complexes, and commercial real estate, with a total NSA of 1.3 million sqm. As of 1 October 2018, Colliers International valued Leader-Invest's portfolio at RUB 66,645 million.
As a result of the acquisition of Leader-Invest, Etalon Group will become the largest residential developer in Moscow in terms of number of projects offered to the market, and the second-largest in terms of sales and construction volumes. In St Petersburg the Company will maintain its position among the market leaders.