OREANDA-NEWS. According to the press-service of PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, on September 6, 2007 the successful acquisition of an undeveloped land plot in the regional city of Nizhniy Novgorod was announced.

The 20.5 hectare land plot on the River Oka was acquired for approximately US$ 68.6 million through a tender offer. PIK plans to develop an entire residential community of 300,000 sq. m on the site, to include schools and other supporting infrastructure.

Nizhniy Novgorod, which has a population of 1.3 million, is the fourth most populated city in Russia after Moscow, St. Petersburg and Novosibirsk. Situated in the central European part of Russia at the confluence of the Volga and the Oka rivers, it is the cultural and economic centre of the Volga economic area and the administrative capital of the Nizhny Novgorod region.

PIK has operated for over two years in Nizhniy Novgorod, where it is already developing 140,000 square meters of housing.