LSRG.L Regulatory News (LSRG)

The Government of St. Petersburg purchases housing from LSR Group worth RUB 2.2 billion. LSR Group won the electronic auctions to supply apartments for the government project in Saint Petersburg aiming to improve living conditions for those in need. The company will provide 483 apartments in Tsvetnoy Gorod and Novaya Okhta in Krasnogvardeysky District of Saint Petersburg, with a total area of approximately 30,000 m2. The value of the five contracts is just below RUB 2.2 billion. Terms of the auction state that St. Petersburg Property Relations Committee will purchase the apartments by signing the shared equity agreement for the construction of apartment buildings. It is required for the project to be located within the city boundaries and the apartments to be fully finished before being handed over. The completion must be set for December 2019 latest, and the apartments must be transferred to the client no later than end of June 2020.Regarding the projects, Tsvetnoi Gorod and Novaya Okhta, - the construction is already taking place. The first buildings will be handed over by the end of 2018. According to the contract, the client is to receive 139 one-room apartments, 102 two-room apartments, 153 three-room apartments, 49 four-room apartments and 40 five-room apartments in the 8 buildings of Novaya Okhta and Tsvetnoi gorod. The residents will be chosen by the Housing Committee. As agreed, the apartments will be assigned to people with limited mobility, benefit-entitled citizens, families with multiple children and WW2 veterans. For more information please contact: