Pik Group, one of Russia's biggest property developers, has bought a 73,000 m[sup]2[/sup] site in the south of Moscow for EUR 34 mln. The residential real estate specialist plans to develop the area for mass-market housing. A typical Pik property is at the affordable end of Moscow housing market, selling for around EUR 4,000 per m[sup]2[/sup]. Commenting on the announcement, Pik's co-founder and chief executive Kirill Pisariv said: 'We continue to maintain a leading position on the Moscow residential market. We plan to acquire attractive assets in Moscow.'
Pik Group, one of Russia's biggest property developers, has bought a 73,000 m2 site in the south of Moscow for EUR 34 mln. The residential real estate specialist plans to develop the area for mass-market housing. A typical Pik property is at the affordable end of Moscow housing market, selling for around EUR 4,000 per m2. Commenting on the announcement, Pik's co-founder and chief executive Kirill Pisariv said: 'We continue to maintain a leading position on the Moscow residential market. We plan to acquire attractive assets in Moscow.'
Founded in 1994, Pik made its debut on the Moscow and London stock exchanges in June this year. Net profits last year rose from EUR 14.4 mln to EUR 215 mln on revenues up 90% to EUR 1.1 bn. The company is currently valued at EUR 8.8 bn.