Pik, the London-listed developer of residential property in Russia, said it has won several tenders from the City of Moscow to complete 85,000 m[sup]2[/sup] of housing in several districts of the Russian capital. The contracts involve RUB 4.5 bn (about EUR 113 mln) of municipal funds.
Pik, the London-listed developer of residential property in Russia, said it has won several tenders from the City of Moscow to complete 85,000 m2 of housing in several districts of the Russian capital. The contracts involve RUB 4.5 bn (about EUR 113 mln) of municipal funds.
The purchase price for the housing units will be between RUB 53,000 and RUB 54,000 (EUR 1,335 and EUR 1,361) per m2. Pik said the buildings are either already completed or expected to be delivered shortly by Pik.
The new tenders replace a $1 bn (now EUR 715 mln) tender from the City of Moscow which Pik announced on 20 October this year. The final financial terms for the contracts were not finalised by the municipal authorities due to the 'deteriorating economic backdrop, ' the Russian developer said. The city authorities issued new tenders, some of which were won by Pik.
