PIK Group acquires first development site in St. Petersburg (RU)

PIK Group (LSE: PIK), one of Russia's leading residential real estate developers, announced the acquisition of a major land plot in the historic heart of the city of St. Petersburg.

The site, located in an exclusive area of the city, will be used to develop business class housing and represents a flagship development for PIK in St. Petersburg. The project is located on a 400 hectare site that has been reclaimed from the sea, of which approximately 200 hectares is sanctioned for real estate development, both office, retail and residential.

The total area acquired is 63.4 hectares on which PIK plans to develop 1,315,000 m

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