Storm Properties is pleased to announce the company's new strategic partnership Kirill Pisarev, a shareholder and one of the founders of PIK Group, has purchased the controlling stake of Storm Properties through his affiliated company. As of September 6, 2010, Mr. Pisarev has joined the Storm Properties Board of Directors and has been elected as its Chairman.
"Over the course of the three year partnership between Storm Properties and PIK Group, I always had the utmost confidence that Michael Belton and his colleagues were highly professional. Therefore, with great pleasure, I accepted the proposal on becoming a partner and a shareholder of Storm Properties. I value Storm's experience, institutional approach to work, and fast reaction to the ever changing market, so it's evident that there is great potential for our partnership," Mr. Pisarev commented.
Michael Belton, President of Storm Properties, said: "I am glad to have the chance to work with such a reliable partner as Kirill Pisarev. I'm confident that our cooperation will become mutually beneficial and will open new opportunities and challenges for Storm Properties".
Currently, Storm Properties and its new shareholder lead active negotiations on entering into a number of interesting residential and commercial real estate developments that will expand Storm's portfolio. The results of these negotiations will be announced later.
Source: Storm Properties