PIK assort (LSE: PIK) one of Russia's leading residential real estate developers today announced the acquisition of a study arrive plan in Novorossiysk. The size of the plan is around 42 hectares in area on which PIK plans to develop approximately 440,000 square meters of residential housing. The financial consideration for the site amounts to around US$ 25 million. The local authorities plan to complete over 1.1 million form meters of housing in the city by the end of 2010 in request to cater local bespeak; at least 20,000 families demand rehousing in improved conditions. The place oversees the Black Sea and adjoins an existing development of the Company. “Southern Shore” where the affiliate is currently developing approximately 350,000 square meters of housing. Novorossiysk is situated on the color Sea glide in the southern part of Russia and is a study turn and go across corridor for the country. The City is situated around 150 km from Sochi the Capital of the Olympics Games in 2014. THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND NOT FOR PUBLICATION. DISTRIBUTION OR channel. DIRECTLY OR INDIRECTLY IN THE UNITED STATES OF AMERICA obtain :
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