PIK and Storm Properties to develop Russian office complex

Russian residential real estate developer PIK Group and Storm Properties said on Thursday that they have purchased a 1.5-hectare plot in St Petersburg for the development of a 80,000 m² Class A office complex.

Both companies will invest in the project, with Storm Properties assuming the role of developer.The complex will be located close to the international airport of St Petersburg and is expected to take four years to build.

Commenting on the deal, Michael Belton, president of Storm Properties, said: 'We believe that our experience in the development of Class A office space will help to fill a niche in St Petersburg. The project's location adjacent to the international airport will attract the type of large foreign tenants who have
come to St Petersburg in recent years.'

Kirill Pisarev, president of PIK Group added: 'The combination of Storm Properties and PIK Northwest in St Petersburg will result in the development of a very high quality project. The site will become a successful business quarter for this fast-growing economic centre of Russia.'