PIK Group, a Russian property company focused on residential construction in central Moscow, is planning to sell shares in what may become the largest ever Initial Public Offering by a developer in Europe. PIK, whose portfolio was valued by CB Richard Ellis at some $8.8 bn (EUR 6.4 bn) at the start of 2007, intends to float on the London and Moscow stock exchanges. The company did not give details about the size of the offering.
PIK Group, a Russian property company focused on residential construction in central Moscow, is planning to sell shares in what may become the largest ever Initial Public Offering by a developer in Europe. PIK, whose portfolio was valued by CB Richard Ellis at some $8.8 bn (EUR 6.4 bn) at the start of 2007, intends to float on the London and Moscow stock exchanges. The company did not give details about the size of the offering.
Another Russian developer recently announced its listing on London's main market. Last week, Africa-Israel's Russian unit AFI Development unit raised $1.4bn through a share issue. Russian real estate companies raised a total of about $4 bn via share sales in the last six months.
