3rd Nov 2009 09:04
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NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR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")
PIK sells apartments to Ministry of
Defence in Kaliningrad
(LONDON, 3 November 2009) - PIK (LSE: PIK), a leading Russian residential developer, today announces that the Group has sold 123 apartments to the Russian Federation Ministry of Defence in Kaliningrad.
PIK Group recently participated in a State tender for residential apartments to be occupied by Ministry of Defence personnel in Kaliningrad. Based on the results of the tender process, on October 30th PIK executed a State contract with the Ministry of Defence for the sale of 123 apartments with a total area of 6,791 sq. m, consisting of one, two and three-bedroom apartments.
The apartments are located in a modern building in a new residential district, "Selma-2", in Kaliningrad, which has been successfully developed in recent years by PIK Group. As per the contract, all apartments will be delivered furnished and ready for tenants.
The contract with the Ministry of Defence is illustrative of the Group's stated strategy of interacting with State entities in the economy class real estate sector.
Enquiries:
PIK Group Tel: +7 495 505 97 33 ext. 1358
Viktor Szalkay
Head of Investor Relations
Citigate Dewe Rogerson Tel: +44 20 7638 9571
Tom Baldock
Lindsay Noton
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.
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