Construction of New Residential Project

PIK Group starts the construction of the Mironovsky project in the east of Moscow

London, March 1, 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 announces it has initiated construction of its residential project Mironovsky, located in the east of Moscow close to Izmailovsky park and the metro stations Semenovskaya and Partizanskaya.

Initially, the development rights for Mironovsky project were acquired back in 2007. PIK Group announced last year its plans to begin the construction in 2012.

The residential scheme will be a total of 30,000 square metres on 2.6 hectares of land. It will include two modern prefabricated complex buildings and an underground parking as well as a kindergarten with a swimming pool and a recreation area. PIK Group will construct the necessary transport facilities and engineering infrastructure, including the reconstruction of Mironovskaya Street.

Artem Eyramdzhants, the First Vice-president of PIK Group commented: "We are sure this project will be a success. It is a smart concept, the KOPE-M PARUS complex buildings are well known amongst our clients, the complex has a convenient location with good public transport links and green areas. All of these elements make the project attractive to its potential residents. Moreover, we are planning to offer our mortgage programmes available through different banks which will provide to our customers more opportunities to buy an apartment".

The buildings of this project is expected to be completed in 2013.

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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 over 10 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

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