9th Mar 2011 09:38
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA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")
PORTFOLIO OF PROPERTIES VALUATION
PIK REPORTS STABLE PORTFOLIO VALUATION
(LONDON, March 09 2011) - PIK Group (LSE: PIK), one of leading Russian residential real estate developers, today announces the results of a revaluation of its properties, conducted by the independent appraiser CB Richard Ellis as of December 31 2010.
Key highlights
·; Total net selling area(1) amounted to approximately to 10.6MM square meters (10.76MM as of July 1 2010), of which 97% is represented by residential area;
·; The market value of the remaining portfolio was slightly down to US$2.4bn (July 1 2010: US$2.56bn) due to new sales to customers incurred;
·; Market portfolio value per square meter equaled to US$227 (July 1 2010: US$238).
·; Market portfolio value per share was at $4.9 (July 1 2010: US$5.2)
·; Top10 key projects accounted for 64.2% of total market value (July 1 2010: 65.9%)
Note: (1) Net selling area = unsold area
Portfolio of properties by type | Net selling area, PIK share ('000 sqm) | Unsold area ('000 sqm) | Value ($MM) |
Properties held as investment | 53 | 16 | 15 |
Properties in course of development | 5,700 | 3,017 | 1,248 |
Properties held for future development | 7,563 | 7,563 | 1,142 |
Total | 13,316 | 10,596 | 2,405 |
Source: CB Richard Ellis valuation report
Portfolio of properties by region | Number of properties (1) | Net selling area, PIK share ('000 sqm) | Unsold area ('000 sqm) | Value ($MM) |
Moscow | 28 | 1,860 | 1,196 | 1,300 |
Moscow region | 24 | 5,413 | 3,809 | 762 |
Other regions | 48 | 6,043 | 5,591 | 343 |
Total | 100 | 13,316 | 10,596 | 2,405 |
Source: CB Richard Ellis valuation report
(1) I.e. number of projects
Top-10 key projects by value | December 31 2010 | July 1 2010 | ||||
Project Name | Location | Type | Unsold area ('000 sqm) | Value ($MM) | Unsold area ('000 sqm) | Value ($MM) |
Mantulinskaya St., 7 | Moscow | High-end residential/ Commercial | 254 | 339 | 254 | 326 |
Mytischi, Yaroslavsky | Moscow region | Mass market residential | 677 | 231 | 697 | 235 |
Mytnaya, 13 (English Town) | Moscow | High-end residential | 34 | 160 | 49 | 307 |
Khimki, Novokurkino | Moscow region | Mass market residential | 286 | 150 | 321 | 163 |
Kuntsevo | Moscow | High-end residential | 150 | 147 | 164 | 168 |
Kommunarka, plot #27 | Moscow region | Mass market residential | 1,079 | 127 | 1,089 | 147 |
Khimki, Sovkhoznaya str. | Moscow Region | Mass market residential | 288 | 115 | 306 | 104 |
Michurinsky pr-t., district 5-6 | Moscow | High-end residential | 65 | 101 | 65 | 94 |
Perovskaya str., 66 | Moscow | Mass market residential | 127 | 90 | 139 | 89 |
South Chertanovo, districts 17-18 | Moscow | Mass market residential | 81 | 83 | 86 | 56 |
Subtotal | 3,041 | 1,543 | 3,170 | 1,689 | ||
As of total, % | 28.7% | 64.2% | 29.5% | 65.9% | ||
Source: CB Richard Ellis valuation report
Additional information is available at the Group's website: www.pik-group.com, IR section.
Enquiries:
Investors | |
PIK Group | Tel: +7 495 505 97 33 ext. 1358/1315 |
Viktor Szalkay | |
Media | |
PIK Group | Tel: +7 495 505 97 33 ext. 1010/1028 |
Dmitri Ivliev | |
| |
Citigate Dewe Rogerson | Tel: +44 20 7638 9571 |
Tom Baldock | |
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