PIK Group repays €646m loan

Russian residential developer PIK Group has repaid a RUB 2.9 bn (€646 mln) loan from St Petersburg-based VTB Bank.

PIK, listed in Russia and London, said the repayment was in line with the group's debt reduction and optimisation strategy. The loan was initially received in 2009 and was repaid ahead of schedule.

The company focuses on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions.