OREANDA-NEWS. April 11, 2014. LSR Group acquires a large land plot of 175 ha, on the territory of the former “Rzhevka” airfield near St.Petersburg, to build around 1 million sq m of housing.

The land plot is located in an actively developed eco-friendly area in the vicinity of St. Petersburg with convenient transportation network.

The project will include construction of several apartment buildings and creation of necessary social infrastructure.

Construction is expected to start in 2016. The project will be developed in 4 stages.

Notes 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 and Yekaterinburg. As of 31 December 2013 (according to DTZ), the net sellable area of the projects in LSR Group’s real estate portfolio is equal to 7.8m m2 with the market value of  RUB 117bn. In 2013, the sales revenue of LSR Group amounted to RUB 65,316m (IFRS). LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX-RTS.