Russian residential property developer PIK Group has taken a controlling stake in Storm Properties, a real estate company in the commercial sector, for an undisclosed sum. The terms of the transaction also allow PIK an option to purchase a further 25% of Storm in three to five years´ time. Storm has a pipeline of office and retail projects in Moscow with total area of 450,000 m[sup]2[/sup]. PIK also plans to develop commercial real estate projects valued at more than $500 mln (EUR 367 mln) under the Storm Properties name.
Russian residential property developer PIK Group has taken a controlling stake in Storm Properties, a real estate company in the commercial sector, for an undisclosed sum. The terms of the transaction also allow PIK an option to purchase a further 25% of Storm in three to five years´ time. Storm has a pipeline of office and retail projects in Moscow with total area of 450,000 m2. PIK also plans to develop commercial real estate projects valued at more than $500 mln (EUR 367 mln) under the Storm Properties name.