Russian residential developer PIK is continuing to expand its focus from the Moscow region by entering St Petersburg and Ukraine. The London and Moscow-listed developer said its recently established business units, PIK Ukraine and PIK Northwest, will be responsible for identifying land for purchase, zoning, and construction in the new regions it is targeting.
Russian residential developer PIK is continuing to expand its focus from the Moscow region by entering St Petersburg and Ukraine. The London and Moscow-listed developer said its recently established business units, PIK Ukraine and PIK Northwest, will be responsible for identifying land for purchase, zoning, and construction in the new regions it is targeting.
PIK, which has a market capitalisation of EUR 3bn, has been expanding its presence in the Russian regions since 2006, by entering Kaluga, Kaliningrad, Omsk, Perm, Novorossiysk, Rostov and Yaroslavl, Taganrog and Nizhny Novgorod. 'Over the next few years, management intends to expand PIK's reach further, through land purchases and by acting as a consolidator of Russia's fragmented real estate development industry,' the company said in a statement.
