9th Nov 2010 09:23
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NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR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 ("The Group" or "PIK")
EXPANSION OF AGREEMENT WITH VTB24
FOR CUSTOMER MORTGAGES
(LONDON, November 09 2010) - PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, is pleased to announce that it has reached agreement with VTB24 for the expansion of its programme to make mortgages available to PIK customers.
VTB24 mortgages are now available for properties at the final, as well as early stage of development. Accordingly, VTB24 mortgages are now available to customers at another mass market project in the Moscow region, "Yaroslavsky" (located in the city of Mytischi), micro district 15, building 5 (at an early stage of development).
The base mortgage terms to customers include: loan-to-value ('LTV') of up to 80%, a RUB interest rate from 11% p.a. (for properties at a final stage of development) to 13% p.a. (properties at an early stage of development) and maturity of up to 30 years.
"Yaroslavsky" in the city of Mytischi, Moscow region, micro district 15, building 5 is a 9-storey poured concrete building, part of a large mass market project, which upon full completion will consist of two micro districts, including 42 buildings, comprising approximately 18,000 flats and housing 50,000 citizens.
Enquiries:
Investors
PIK Group Tel: +7 495 505 97 33 ext. 1315/1358
Viktor Szalkay
Head of Investor Relations
International media
Citigate Dewe Rogerson Tel: +44 20 7638 9571
Tom Baldock
Lindsay Noton
Russian media
Dmitry Ivliev Tel: +7 495 505 97 33 ext. 1010/1028
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