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. Last Updated: 07/27/2016

PIK Buys Moscow Land for $48M

Residential property developer PIK Group said last week that it had acquired a plot in Moscow for $47.6 million and would invest over $280 million in development.

"PIK plans to redevelop the area for mass market residential housing and construct approximately 100,000 square meters of housing," the company said in a statement.

Prices on the Moscow property market, which is offering returns of over 100 percent a year, have stagnated in the past few months, but analysts believe they will keep growing in the long term amid booming demand for housing.

PIK, which raised $1.8 billion in an initial public offering in June, said the property covers around 7.37 hectares and is located in the southern part of Moscow.

A spokeswoman said the company planned to complete redevelopment and start construction on the site in 2009.