11 Feb 2013 07:00
PIK GROUP ("The Group" or "PIK")
Moscow, February 11 2013 - PIK Group, a leading Russian real estate developer focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions, today announces that it has signed an agreement with Sberbank of Russia (and its corporate and investment bank Sberbank CIB).
Under the agreement, Sberbank will provide a non-revolving credit line of 4,04 billion rubles with final maturity at 1Q17. The funds provided by Sberbank will be drawn down by PIK to finance the first phase of construction of the residential complex Buninsky, which is located in New Moscow, on 128 hectares of land near to the Kommunarka and South Butovo residential areas. The site is 4 km South-West from the MKAD (the Moscow Ring Road) along the Kaluzhskoye highway.
As well as residential buildings the project plan includes the construction of infrastructure: schools, kindergartens, parking, commercial premises on the ground floors of the residential buildings and retail outlets. The total residential scheme is 1 million square meters. Construction of Buninsky is planned in several phases. The first phase includes the construction of 580,000 square meters of residential space. PIK Group plans to complete the first four buildings with a total area of about 60,000 square meters in 2013.
Sberbank is the most important financial partner for PIK Group, acting both as a key creditor and one of the largest partner banks on mortgage programs.
-Ends-
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 200 000 apartments of affordable housing across the country. The Group has a substantial diversified land bank of net selling area of 6.9 million square meters and a dedicated professional team with over 11,000 employees. Given its brand recognition and the scale of its operations, in 2008 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:
Investors
PIK Group Tel: +7 495 505 97 33 ext. 1358 / 1315
Viktor Szalkay
Media
Natalia Ivanova Tel: +7 495 505 97 33 ext. 1010 /1014
Citigate Dewe Rogerson Tel: +44 20 7638 9571
Tom Baldock
Priscilla Garcia