PIK Group, one of Russia's leading real estate developers, has announced the acquisition of a new site in the Moscow region for commercial development.
The site, located to the north-west of Moscow, covers 4.6 ha. and has a total gross buildable area of 235,000 m². In a project named 'North West Towers', it will be developed jointly with Storm Properties ('Storm') as the first class 'A' office building in the Moscow region. It is the first development undertaken by Storm since PIK acquired a controlling interest in the business in September 2007.
North West Towers will be situated on the Moscow riverbank, next to a well-known luxury shopping mall and adjoining the planned office buildings of the Mayor Governmental Office for the Moscow Region.
The estimated total budget for the project, including land acquisition and development costs, is US$340 mln. (approx. 220 mln.)
Commenting on today's announcement, Kirill Pisarev, CEO of PIK said: "In September we acquired a controlling interest in Storm Properties to develop high quality commercial opportunities. We are delighted to have acquired this site, which is in an excellent location, and with Storm's expertise we look forward to developing it as the first class 'A' office development in the Moscow region."