Moscow-based PIK Group has announced the acquisition of a 127-hectare site on Kalyzhskoe shosse, a developing area of the Moscow region about 4-5 km from the Moscow Ring Road. The company plans to develop a township of approximately 1 million m[sup]2[/sup] of net sellable area. The project will include social infrastructure and 55,000 m[sup]2[/sup] of middle-class houses. Completion is estimated for 2017.
Moscow-based PIK Group has announced the acquisition of a 127-hectare site on Kalyzhskoe shosse, a developing area of the Moscow region about 4-5 km from the Moscow Ring Road. The company plans to develop a township of approximately 1 million m2 of net sellable area. The project will include social infrastructure and 55,000 m2 of middle-class houses. Completion is estimated for 2017.
PIK Group has almost four years of development experience in this area north of Moscow. Other developments in the vicinity include the 1.7 million m2 'Yubileyny' in Khimki and the 1.1 million m2 'Yaroslavsky' in Mytishi.
Kirill Pisarev, CEO of PIK, said of the transaction: ‘This recent acquisition is in line with our strategy. PIK continues to acquire some of the most attractive assets in the Moscow Region.’
Earlier in January PIK announced a partnership with GIC Real Estate to develop the Mytishi site, appraised by property consultants CB Richard Ellis with a pre-tax value of $1.33 bn (EUR 918 mln).
