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. Last Updated: 07/27/2016

PIK Buys Site to Transform Perm

PIK Group, a developer that this year held Europe's largest public offering in the industry, said it acquired a plot of land in Perm to "transform" the country's sixth-biggest city.

PIK plans to build more than 1 million square meters of sellable space in the city, which covers 124 hectares, chief executive Kirill Pisarev said in a statement Thursday. The price wasn't disclosed.

The project, which includes schools, roads and other infrastructure needed to house more than 40,000 people, "will transform the residential property market in Perm," PIK said. The city, 1,300 kilometers east of Moscow on the Kama River, is home to more than 1 million people.

"We are working closely with government authorities in Perm to increase construction volumes in the city in line with the federal affordable housing program," Pisarev said. "This sizable acquisition enables us to build another major urban neighborhood in Russia."