OREANDA-NEWS. PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, announces that it has paid down a RUB 2.9 billion loan from VTB Bank. The repayment of the loan was made in line with the Group’s debt reduction and optimization strategy. The loan was initially received in 2009 and was repaid ahead of schedule.

PIK Group is a leading Russian real estate developer, focusing on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions. Since its foundation in 1994, PIK-Group has become a market leader in mass market residential property sector completing over 220,000 apartments of affordable housing across the country. The Group has a substantial diversified land bank of net selling area of 6.5 million square meters and a dedicated professional team with over 11,000 employees. Given its brand recognition and the scale of its operations, in 2009 the Russian Government included PIK on the list of the nation’s strategically important companies.