Etalon Group (LSE: ETLN) announces that it has acquired a 2.1-hectare land plot in the Moskovsky district of St Petersburg on which it plans to develop a new 50,000-m² net sellable area (NSA) mass-market residential neighborhood project. This is the second new project the company has added to its development pipeline since its IPO on the London Stock Exchange in April.
The site is located in the south of the Moskovsky district of St Petersburg and has good transport accessibility, being 2 km from Pulkovo Airport and 1 km from the airport railway station, close to the Pulkovskoe highway (which puts the center of St Petersburg approximately 15 minutes away by car) and within a five minute walk of a number of bus stops.
In addition, the complex is within walking distance from a modern Pulkovo shopping and entertainment zone which comprises the LETO Shopping Mall, O'KEY hypermarket, Castorama DIY, LENTA, Pulkovo III Shopping Mall & Entertainment Centre and a METRO Cash & Carry.
Viacheslav Zarenkov, President and Chairman of the Board, commented: "This acquisition is another positive step in the implementation of our post IPO strategy, which targets the growth of our operations through ongoing acquisitions of high quality development projects. We will now aim to start construction on site during 2012 as we continue to pursue further, similar acquisitions in our target geographies of the St Petersburg and Moscow Metropolitan areas."