- Sputnik International
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

Singapore's GIC Real Estate buys 25% in Russian realty project

MOSCOW, January 21 (RIA Novosti) - The Singapore government investment fund GIC Real Estate has acquired a 25% stake in a project to build a residential complex just outside Moscow, the Russian developer, the PIK Group, said on Monday.

The developer, a leading builder of apartment blocks in Moscow and the Moscow Region, said it had sold the stake to GIC Real Estate for $233 million.

The PIK Group also said the Yaroslavsky residential complex it is building in Mytishchi, to the northwest of Moscow, is one of its largest projects in the Moscow Region.

"According to an estimate made by CB Richard Ellis, the floorspace to be sold under the project is 1.14 million square meters, with a pre-tax value of $1.33 billion," the PIK Group said in a statement.

The project envisages the construction of 50 high-rise residential apartment blocks, 13 commercial buildings, five schools, seven baby centers, two outpatient clinics and 17,470 parking places.

Founded in 1994, the PIK Group focuses on the development of residential real estate, mortgage financing, construction and the production of construction materials.

To participate in the discussion
log in or register
Заголовок открываемого материала