PIK Group has held the ground breaking ceremony at its project in Novorossiysk

Novorossiysk, June 14,  2012 - PIK Group, a leading Russian real estate developer focusing on large scale residential projects within the Moscow Metropolitan Area and selected Russian regions, today has held the ground breaking ceremony devoted to construction initiation of its residential project Pikadilli, located in Novorossiysk. The Mayor of Novorossiysk, key administration persons of City and Region and PIK Group’s management participated in the event.

Residential complex Piccadilly is located on the shore of the Tsemesskaya bay in the southern part of Novorossiysk. It will include a complex of residential buildings, a secondary school, parking, social and retail infrastructure. Piccadilly (microdistrict № 16) is a part of the prestigious area called South Coast, which consists of several neighborhoods, some of which have already been built.

The total area of the project is 180,000 sq. m. The first phase of the project is 55,000 sq. m. The infrastructure will include the secondary school for 700 students, a kindergarten for 280 kids, a parking for 250 car slots and the commercial infrastructure: shops, chemistries, services. The investment amount is 4.8 billion rubles. The realization period is planned within 2012-2019.

About PIK-Group

PIK-Group is a leading Russian real estate developer, focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions. Since its foundation in 1994, PIK-Group has become a market leader in  mass market residential property sector completing over 180 000 apartments of affordable housing across the country. The Group  has  a substantial diversified land bank of net selling area of 6.9 million square meters and a dedicated professional team with over 11,000 employees. Given its brand recognition and the scale of its operations, in 2009 the Russian Government included PIK on the list of the nation’s strategically important companies. For more information please visit: http://www.pik-group.com