London-listed developer PIK Group has divested its commercial real estate unit, Storm Properties, to refocus on the residential market in and around Moscow.
London-listed developer PIK Group has divested its commercial real estate unit, Storm Properties, to refocus on the residential market in and around Moscow.
Back in 2007, PIK Group acquired 50% + 1 share in Storm Properties, which had a pipeline of 450,000 m2 class A segment projects in Russia. PIK said at the time it planned to develop more that $500 mln (EUR 405.2 mln) of commercial real estate projects under the Strom umbrella.
But on Tuesday, PIK announced that Michael Belton, the founder of Storm Properties, in cooperation with the company's management has acquired a 51% controlling stake in Storm, which in turn owns a share in the commercial real estate project K2 Business Park, located in the Moscow region.
In return, PIK is receiving a share in the commercial real estate project Pulkovo, located in St Petersburg, which was previously held by Storm.
Pavel Poselenov, CEO of PIK Group commented: 'This transaction upon Storm Properties reflects PIK Group's strategy of focusing on its core mass-housing market segment in Moscow Metropolitan Area.'
