9th Jun 2008 15:56
This announcement replaces the previous RNS reference 2489W released at 09:00 on 09 June 2008.
The final sentence of the third paragraph has been amended and should now read:
"PIK plans to invest over US$3bn in this project, which will be developed over the next ten years."
The full text of the amended announcement is carried below. All other information remains unchanged.
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA
PIK GROUP ("PIK" or "the Company")
PIK GROUP ACQUIRES FIRST DEVELOPMENT
SITE IN ST. PETERSBURG
Major 63.4 hectare site acquired on the territory of the "Morskoy Fasad" Project located on the coastal zone of St. Petersburg
(LONDON, 09 June 2008) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, today announced the acquisition of a major land plot in the historic heart of the city of St. Petersburg. The intention to acquire this site was initially announced on 4th June 2008.
The site, located in an exclusive area of the city, will be used to develop business class housing and represents a flagship development for PIK in St. Petersburg. The project is located on a 400 hectare site that has been reclaimed from the sea, of which approximately 200 hectares is sanctioned for development, both office, retail and residential.
The total area acquired is 63.4 hectares on which PIK plans to develop 1,315,000 sq. meters of housing including 1,138, 050 square meters of business-class housing. PIK plans to invest over US$3bn in this project, which will be developed over the next ten years.
Enquiries:
PIK Group Tel: +7 495 505 97 33 ext. 1358
Viktor Szalkay
Investor Relations
Citigate Dewe Rogerson Tel: +44 20 7638 9571
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
-END-
NOTES TO EDITORS
PIK Group Overview
Founded in 1994, PIK is one of the leading vertically integrated residential developers with presence in over 20 cities across Russia. Its business activities are concentrated in Moscow and the Moscow region with an increasing footprint in many of Russia's other regions. Its principal activity is the development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.
Since 2004, PIK has completed over 4 million square meters of residential housing, which is equivalent to approximately 58,000 residential units across Russia.
June 1, 2007, the Group completed successful listings on the London Stock Exchange, the RTS and MICEX exchanges in Russia.
PIK Group's website address is: www.pik.ru
Group Financial Summary
Revenue for 2007 rose by 75% and equalled US$2.7 billion, while EBITDA for 2007 amounted to US$939 million. Net profit was US$700 million in 2007 compared to US$ 298 million in 2006.
According to CBRE, an independent appraiser, the combined market value of the Group's properties valued as of January 1, 2008 was $12.3 billion.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
Related Shares:
PIK.L