OREANDA-NEWS. September 16, 2010. OJSC Construction Corporation Renaissance of St. Petersburg, the subsidiary of LSR Group) won an open auction held by the Property Fund of St. Petersburg to acquire a land plot of 3,572 square meters located at Morskoy Prospekt, 29A on Krestovsky Island. The land plot containing an old building to be demolished will be used for elite residential construction. The acquisition price amounted to RUB 251 million, reported the press-centre of LSR Group.

Evgeny Yatsyshin, Managing Director of Real Estate Development, Construction and Commercial Real Estate of LSR Group comments:
“ The new land plot on Krestovsky Island is a good addition to our elite land portfolio. Our experience shows that elite real estate in this part of St. Petersburg is always in high demand. Besides, elite real estate market is now recovering which is proven by the growing sales.”
 
Note to Editors:
OJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials, real estate development and panel construction.
LSR Group's main operations are located in St. Petersburg, Moscow, Yekaterinburg and Ukraine.

In 2009, the sales revenues of LSR Group were RUR 51,024 million (IFRS).
LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX and RTS.
 
Construction Corporation  Renaissance of St. Petersburg (a subsidiary of LSR Group) is a leading construction company for building elite housing in St. Petersburg. Founded in 1994, the corporation ranks among the largest building companies in Russia. With over 16 years of experience Construction corporation Renaissance of St. Petersburg has successfully implemented more than 40 projects in the most prestigious, complex, and important parts of the historical city centre, having worked on 73 houses.  With solid knowledge, decades of experience, and naturally, the love invested in by our personnel, many projects have been largely supported by the public. All the buildings constructed by the Corporation perfectly fit into the architectural style of St. Petersburg and harmonically combine elegance and comfort. This has placed them as being truly amongst the elite real estate of St. Petersburg.