26 Mar 2015 15:28
PIK GROUP WINS A TENDER FORMULTIPURPOSE DEVELOPMENT IN ODINTSOVO-1
Moscow, March 26, 2015 - PIK Group (LSE: PIK), one of the leading Russian residential developers, announces that it has won a tender for a multipurpose redevelopment of a land plot in Odintsovo-1.
The land plot, formerly a military residential community, has an area of 59.4 ha and is located in the Odinstovsky district of the Moscow region.
The redevelopment of the area is directed at improving housing conditions of current Odinstsovo-1 residents living in outdated buildings. Nearly 1,700 residents are expected to be relocated into new apartments as part of the redevelopment project.
According to the integrated development concept, the territory will include residential, retail and commercial areas creating a self-sufficient living environment in the close proximity to Moscow.
Residential development envisages the construction of around 480,300 square meters of housing with accompanying social infrastructure of kindergartens, schools, clinic, car parks, retail and consumer services.
Commercial development envisages the construction of a multipurpose public and business complex with a total area of 200,000 sq.m. and a shopping and entertainment center with an area of 60,000 sq.m. This is expected to create around 22,000 additional jobs in the community.
The project is planned to be completed within seven years.
Enquiries:
PIK Group
Investors | Media |
Andrey Machanskis | Natalia Mikhna |
Head of Investor Relations | Public Relations |
Tel: +7 495 505 97 33ext. 1157 / 1315 | Tel: +7 495 505 97 33ext. 1403 |
E-mail: ir@pik.ru | E-mail: pressa@pik.ru |
Forward-looking statements
Some of the information in this press release may contain guidance, projections or other forward-looking statements regarding future events or the future financial performance of PIK Group. These statements are only predictions and actual events or results may differ materially. PIK Group does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK Group's projections, guidance or forward-looking statements.