Russian residential real estate developer PIK Group has announced that it has acquired a majority stake in architectural design firm Novorosgragdanproekt for $6 mln (EUR 4.4 mln). PIK says that the firm is a leader in its field in the Krasnodar region, whose southern border is formed by the Black Sea. It contains the port city of Novorossiysk, where the firm is based, and the resort of Sochi, which will host the 2014 Winter Olympics. Among the firm’s recent projects have been the design and planning of school, office and residential developments in Novorossiysk, including a number for the PIK Group. PIK intends to further expand the firm’s design and architectural expertise. Kirill Pisarev, PIK’s CEO, says they believe that Novorossiysk’s expanding role as a regional transit point and the impact of the nearby Winter Olympics will lead to ongoing rapid development.
Russian residential real estate developer PIK Group has announced that it has acquired a majority stake in architectural design firm Novorosgragdanproekt for $6 mln (EUR 4.4 mln). PIK says that the firm is a leader in its field in the Krasnodar region, whose southern border is formed by the Black Sea. It contains the port city of Novorossiysk, where the firm is based, and the resort of Sochi, which will host the 2014 Winter Olympics. Among the firm’s recent projects have been the design and planning of school, office and residential developments in Novorossiysk, including a number for the PIK Group. PIK intends to further expand the firm’s design and architectural expertise. Kirill Pisarev, PIK’s CEO, says they believe that Novorossiysk’s expanding role as a regional transit point and the impact of the nearby Winter Olympics will lead to ongoing rapid development.
