OREANDA-NEWS. August 21, 2014. LSR Group (LSE: LSRG; MICEX-RTS: LSRG) acquired new residential project in Moscow with a total area of 990 thousand square metres.

The project provides for the construction of 15- to 25-storey buildings. According to the metropolitan development program in 2017 new metro station - Solntsevo will be opened just 200 metres away.

The construction will start in 2015. Completion of the project is expected by the end of 2019.

Ivan Romanov, managing director of LSR Group in Moscow, comments: “Our new project is an event for the capital’s real estate market, especially since there is a significant lack of land for residential construction in Moscow. Because of the scale and location of the new residential project in a prestige district of the city, we expect great interest from potential buyers.

In accordance with LSR Group strategy, we continue to increase our presence in Moscow. The total area of our portfolio of projects, taking into account the redevelopment of the ZIL industrial areas, the construction of the Donskoy Olymp business class residential project near the centre of Moscow, the construction of the Novoye Domodedovo and Nakhabino Yasnoye residential projects, and the new residential project in Solntsevo, has already exceeded 3 million square metres”.