(LONDON, June 02 2010) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, informs of the achievement of an agreement with Gazprombank. The bank will start issuing mortgages to PIK customers for property under construction.

Two mass market projects in Moscow region have been selected for the above program. The base contract terms include loan-to-value (‘LTV’) of up to 80%, RUB interest rate at 13% (fixed), and maturity up to 25 years.