(LONDON, January 20 2011) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, is pleased to announce that it has sold its 32.5% share in Park-City project, located in Moscow.
The property is located on Tarasa Schevchenko embankment and is currently occupied by the facilities of the “Sakko and Vantsetti” factory and the “Badaevsky Brewery”. The Park-City project is designed for development of elite residential housing and commercial premises.
The sale of its share in Park-City project is in line with the Group’s revised strategy to capture new market trends with the focus on development of affordable housing and loading its own prefabricated production capacities.
The consideration for the above asset is US$76million and equals to the market value of PIK’s share in the project confirmed by an independent appraiser.
The use of proceeds would be debt reduction.