OREANDA-NEWS. January 25, 2008.  PIK Group (LSE: PIK), one of Russia’s leadingresidential real estate developers, today announced the acquisition of a 100% sharein CJSC Monetchik, a co-investor in a major residential development in the Kuntzevo Region of Moscow.

Following the acquisition, PIK Group’s share in the development is 160,000 squaremeters of net sellable area and in addition 1870 parking spaces.

Strabag, a leading Russian construction company, has been engaged as lead contractor for the project. Strabag has a long track record in construction in Russia, where it is highly regarded for the quality of its work.

The project is scheduled for completion in 2012.

Commenting on today’s announcement, Kirill Pisarev, CEO of PIK said: “We are very pleased to be working with Strabag on this project – they have a proven track record and this type of cooperation enables us to increase the number of projects under development in Moscow.”