23 Jul 2009 09:11
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
23 July 2009 | PRESS RELEASE | St. Petersburg |
LSR Group to Build Housing under a Public Procurement Scheme
On 22 July, the Morton group of companies, the general contractor for the construction of a residential neighbourhood for military personnel in Balashikha, Moscow region, entered into a contract with CJSC Mosstroyrekonstruktsiya (100% subsidiary of LSR Group) to jointly implement the project. Morton group of companies was selected a general contractor for this development as a result of an auction held by the RF Ministry of Defence
In accordance with the contract and approved design documentation CJSC Mosstroyrekonstruktsiya is to construct a residential neighbourhood comprising 6 houses of 14 to 17 stories with a total area of 140 th sq.m. The contract amount is RUB 3.9 billion. The project completion is planned for June of 2011.
The houses are to be built using reinforced concrete panels manufactured by OJSC Zavod
ZhBI-6 (a subsidiary of LSR Group) benefiting from the application of upgraded seamless technology that will fully prevent any future risk of leakages and cold bridging.
According to Aleksandr Nopin, CEO of OOO Morton-RSO, for a successful project implementation the company has studied construction organisations of Russia. The long-standing successful experience of LSR companies in the construction sector and the advanced technologies implemented by its reinforced concrete manufacturer for prefab construction determined the choice of contractor and make the Morton group confident the project will be a success.
Note to Editors:
OJSC LSR Group is a real estate and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction - from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects. LSR Group has operations and offices in a number of cities in the Leningrad region, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany. In 2007, the sales revenues of LSR Group (according to the IFRS) were RUR 35,858m, in 2008 - RUR 49,813m.
LSR Group is a public company, with its GDRs listed and traded on the London Stock Exchange and its shares listed and traded on MICEX and RTS.
In 2007, LSR Group was awarded 'The Company of the Year' National Award in the 'Construction' category.
For more details please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
E-mail: press@lsrgroup.ru
www.lsrgroup.ru
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