Real Estate in Brief

PIK Buys Krasnodar Land

PIK Group said last week that it acquired land in Krasnodar to build apartments and offices before nearby Sochi hosts the 2014 Winter Olympics.

PIK plans to build 250,000 square meters of housing and office space on 24 hectares of land in Krasnodar by the end of 2014, the company said in a statement.

The Southern Federal District, which includes the Krasnodar region, is a "strategically important" area for development, PIK said. (Bloomberg)

Tashir Borrows $150M

Tashir Group, a Russian developer of commercial property, said Thursday that it borrowed $150 million from a group of banks to repay existing debt.

The five-year loan was arranged by Raiffeisenbank's Russian subsidiary, Amsterdam Trade Bank, Banque Societe Generale Vostok and Bank of Cyprus Public, Raiffeisenbank said.

Tashir will pay an annual rate of 6.4 percentage points over the London interbank offered rate. (Bloomberg)

Deripaska's Moskva-City

Russian billionaire Oleg Deripaska raised to 84 percent his stake in Moskva-City, a company that manages the capital's financial district, Vedomosti reported Thursday, citing an unidentified official at Deripaska's Basic Element holding company.

Deripaska paid billionaires Mikhail Prokhorov and Vladimir Potanin $165 million for their 46 percent stake in the company, the newspaper reported. (Bloomberg)