PIK Group, one of Russia’s leading residential real estate developers, announces the acquisition of 96.2% of the shares of OJSC “3rd taksomotorny park” for 1,025.6 million rubles.
The land plot has an area of 1.6 ha and is located in the prestigious district to the South-West from Moscow historical center, within the 3rd transport ring, at Vavilov Street, on land previously occupied by the taxi operator. The project assumes construction of a 32,000 square meter business class residential development. The contemporary residential buildings planned will have all the elements needed for comfortable family living, including a kindergarten and underground parking.
Project implementation will start in 2014 and construction will be effected within the framework of the industrial area reorganization program. At present, redevelopment of former manufacturing sites represents the most effective way of implementing residential projects on Moscow land plots in attractive locations.
The acquisition is in line with management’s strategy for maintaining the Group’s land bank in the Moscow region through the acquisition of profit-making projects.