(LONDON, 03 June 2008) - PIK Group (LSE: PIK), one of Russia’s leading residential developers, today announced it has completed construction of its first ‘KOPE Tower’ in "Yubileyny" in Khimki (Moscow Region). Construction of the building started in Autumn 2007 and was completed within seven months.

The KOPE Tower is a new design of high-rise building, developed from the KOPE industrial system manufactured by DSK-2, one of PIK’s core prefabricated production facilities. The building holds a total of 25 floors and is appropriate for land plots with a small footprint.

With an increased number of storeys and a more efficient floor layout, the KOPE Tower has double the area of other designs (e.g. the KOPE-M-Parus with 16-25 floors and approx 5,500 sq. meters). The new building has an underlying area of approximately 11,600 sq. metres, with each floor containing between 6-7 apartments of different sizes holding between one and four rooms. The building design also allows for underground parking to be included.

The new building will be constructed at a number of existing residential development projects, including “Novokurkino” in Khimki (Moscow Region), and “Yaroslavski” in Mytischi (Moscow Region).