(LONDON, 22 April 2008) - PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announced the acquisition of a major land plot in Southern Chertanovo, located in the Southern part of Moscow.

The plot is around 11.35 hectares in area, on which PIK plans to develop over 75,000 square meters of residential housing, the remainder to be assigned for the underlying infrastructure (for example schools, kindergarten).

Southern Chertanovo has a population of 1.3 million. It is on the major Varshavskoe highway, the Moscow railway and has several Moscow City Underground stations.