19th Jun 2008 07:00
|
Moscow, 19 June 2008 |
Joint Press Release |
PIK Group ("PIK" or "the Group") and Storm Properties ("Storm")
to develop Class A office complex at Pulkovo-2 Airport
PIK Group, the leading Russian residential real estate developer, and Storm Properties, PIK's partner in the commercial market, are pleased to announce the purchase of a 1.5 hectare land plot in Saint Petersburg. Both companies are investing into the project with Storm Properties performing the role of developer.
The site is situated 150 metres away from the international airport Pulkovo-2 in a good location parallel to Startovaya street, in close proximity to the Pulkovskoye Highway as well as the main exit from the airport.
The project, a Class A office complex with a total area of 80,000 sq.m, will be the first commercial project near to St. Petersburg airport. The estimated completion time for the project is four years.
Michael Belton, President of Storm Properties commented:
"For the last three years the commercial real estate market in St. Petersburg has been continuously developing. There has been a growing level of investment in construction, caused by an ever increasing demand for quality office space.
Rental rates also continue to grow which indicates stability in the local market. Moreover, the existing office centres of the northern capital do not meet international standards, while tenants' requirements are becoming more exacting.
We believe that our experience in the development of Class A office space will help to fill a niche in St. Petersburg. The project's location adjacent to the international airport will attract the type of large foreign tenants who have come to St. Petersburg in recent years."
Kirill Pisarev, President of PIK Group added:
"The combination of Storm Properties and PIK Northwest in St. Petersburg will result in the development of a very high quality project. The site will become a successful business quarter for this fast growing economical centre of Russia".
Enquiries:
|
PIK Group Viktor Szalkay Investor Relations |
Tel: +7 495 505 97 33 ext. 1358 |
|
PIK Group Natalia Konovalova Public Relations |
Tel: +7 (495) 232 1122 |
|
Storm Properties Maria Troitskaya Public Relations |
Tel: +7 (495) 925 5550 |
|
Citigate Dewe Rogerson Tom Baldock Lindsay Noton |
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.
Storm Properties Overview
Storm Properties, a PIK Group Company, is one of Moscow's leading real estate developers providing full range of development, investment, and asset management services. Storm Properties possesses extensive international experience in development projects over the complete spectrum of the real estate market: Class A Office Buildings, Retail, and High-end residential developments, covering not only the Moscow region, but the whole of Russia. Currently, Storm Properties has over 500,000 sq.m under development. Storm also became the first developer in Russia certified in accordance with the international quality management system ISO 9001:2000. For more information on Storm Properties, please visit www.storm.ru.
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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