18 Apr 2012 16:20
Press release
PIK Group signed new cooperation agreement for a residential project
London, April 18 2012 - PIK Group, a leading Russian real estate developer focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions, has signed an agreement with Morton Group to co-invest in a residential project in Drozhzhino, located in the Moscow region.
The residential scheme will consist of 200,000 square metres with a total investment of 12 billion rubles. PIK Group will provide production facilities to the investment, but will not allocate financial resources. The Group's share in the first phase will be of 63,000 square metres, and in the second phase will be of 40,000 square metres, the Company plans to start construction in the fourth quarter of 2012.
The new district called Butovo Park II is located in Drozhzhino, Leninsky area, the south part of the Moscow region. The Leninsky area is an environmentally friendly part of the Moscow region and a fast growing district. Currently, there are 20 industrial enterprises, five research and scientific institutes, a number of agricultural enterprises, various cultural and social objects, which provide jobs and a comfortable living environment for the district's residents.
The project is located on 22 hectare of land and will comprise of 15 residential buildings, including the modernized KOPE-M and P-3MK residential housing buildings. These are manufactured by DSK-2 and DSK-3 plants, which are integrated divisions of PIK Group. The renovated building series ensure more comfortable living and meet the latest safety regulations.
Butovo Park II residential district will include the secondary school, a kindergarten, parking spaces, a multifunctional centre, commercial and retail infrastructure. The district will have its own walking areas with green area.
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About PIK-Group
PIK-Group is a leading Russian real estate developer, focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions. Since its foundation in 1994, PIK-Group has become a market leader in mass market residential property sector completing over 180 000 apartments of affordable housing across the country. The Group has a substantial diversified land bank of net selling area over 10 million square meters and a dedicated professional team with over 11,000 employees. Given its brand recognition and the scale of its operations, in 2009 the Russian Government included PIK on the list of the nation's strategically important companies. For more information please visit: http://www.pik-group.com
Enquiries:
PIK Group
Investors
Viktor Szalkay Tel: +7 495 505 97 33 ext. 1358 / 1315
Media | |
Natalia Ivanova | Tel: +7 495 505 97 33 ext. 1010/1014 |