PIK Group Released Valuation of Land Acquired in 1H 2008
OREANDA-NEWS. September 11, 2008. PIK (LSE: PIK), a leading Russian residential real estate developer, today announces the results of a valuation of land acquired during the first half of 2008. The valuation was conducted by a third party independent appraiser, CB Richard Ellis, as of July 01 2008.
Key highlights
• Total estimated net sellable area added into the property portfolio during the period amounted to 5,6 million square meters, valued at USD1.66 billion;
• PIK’s total land bank increased in H1 2008 by 39% to approximately 19,7 MM square meters of net sellable area as per management accounts (January 01 2008: 14.2 MM square meters net sellable area);
• 90% of the property portfolio acquisitions were made in Russia’s regions;
• The average value per square meter of newly acquired land was in line with the most recent CBRE valuation report as of 01 January 2008; The Group’s financial results for the 6 months ended June 30 2008 will be published during the week beginning 29 September 2008.
Kirill Pisarev, CEO of PIK commented:
“One of our main priorities for 2008 was to grow the land bank outside Moscow, in the process taking advantage of attractive land prices in the regions. We have had great success in the first half, acquiring large, high quality sites in regional cities with good growth potential.”
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