Russian real estate developer Pik Group announced on Monday that it has acquired a plot of land in the western Russian city of Nizhniy Novgorod. The 20-hectare plot on the River Oka was acquired for about $69 mln through a tender offer, Pik said. The company added that it plans to develop an entire residential community of 300,000 m[sup]2[/sup] on the site, including schools and other supporting infrastructure.
Russian real estate developer Pik Group announced on Monday that it has acquired a plot of land in the western Russian city of Nizhniy Novgorod. The 20-hectare plot on the River Oka was acquired for about $69 mln through a tender offer, Pik said. The company added that it plans to develop an entire residential community of 300,000 m2 on the site, including schools and other supporting infrastructure.
Pik Group bought a 42-hectare plot for $25 mln (EUR 18 mln) in the Russian Black Sea city of Novorossiysk earlier this month for a 400,000 m2 residential development. The Russian developer raised $1.8 bn in Europe's largest IPO ever by a real estate firm. Pik Group's shares were placed at $25 per share, reflecting a capitalisation of $12.3 bn.
