Russian residential developer PIK Group announced that the purchase of 11.35 hectares in Chertanovo, in the south of Moscow. The London-listed company said it plans to develop over 75,000 m[sup]2[/sup] of residential housing, the remainder to be assigned for the underlying infrastructure, including schools and a kindergarten. The location has a population of 1.3 million.
Russian residential developer PIK Group announced that the purchase of 11.35 hectares in Chertanovo, in the south of Moscow. The London-listed company said it plans to develop over 75,000 m2 of residential housing, the remainder to be assigned for the underlying infrastructure, including schools and a kindergarten. The location has a population of 1.3 million.
PIK announced cash reserves of $687mln and net debt of $659mln in its 2007 year end update. CB Richard Ellis estimated its land bank at $8.8bn for 8.8 million m2 of unsold net saleable space as of 1 January 2007.
