Moscow, October 16, 2013 - PIK Group, one of Russia’s leading residential real estate developers, and one of the largest non-governmental pension fund BLAGOSOSTOYANIE announce the first results of rental funds PIK Retail.
PIK Retail is a project of PIK Group aimed at development of commercial infrastructure within residential projects of the company. BLAGOSOSTOYANIE fund is an anchor program investor.
The volume of investment to PIK Retail amounted to more than 800 million rubles. IRR of the project within the next five years (taking into account the results of the first year) is 16.4%, which exceeds the initial forecast.
The main factors of successful program operation are the effective asset management.
Currently, there are five Russian Real Estate Investment Trusts in PIK Retail estimated at 1.8 billion rubles. PIK Retail properties include business premises and office premises on the ground floors of residential buildings and shopping malls at various stages of development. Those properties are located in PIK Group mass-market housing development areas.