Milestone events

1994    

Establishment of PIK («First Mortgage Company»)

1996

Expansion of developmental operations into the residential real estate market throughout  Moscow

1998

Launch of mortgage programs in cooperation with the Moscow Government and banking partners

2001

Acquisition of  DSK-2* to fuel expansion of developmental operations

2002

First development company in the Russian housing market to enter the bond market

2003

Beginning of geographical diversification through regional expansion

2004

PIK Group becomes one of the recognized leaders in the Moscow Metropolitan area developmental market and enters into Rostov-on-Don

2005

Acquisitions of DSK-3* and 100 KGI aimed at cost optimization and implementation of growth strategy

2005

Corporate restructuring and asset consolidation into PIK Group, continuing regional expansion continues into Taganrog, Omsk, N. Novgorod, Yaroslavl, Novorossiysk, Kaliningrad, Perm and other cities

2006

Acquisition of Stroyinvestregion and continuing regional expansion

2007

Successful Initial Public Offering (IPO) in 1 June 2007, which was the largest European and the largest non-REIT real estate IPO globally. The free float was 15% and the total funds raised amounted to USD1.85 billion (pre greenshoe)
Expansion into commercial sector by Storm Properties acquisition
Co-investing agreement reached with GIC Real Estate, dedicated real estate investor
Included into the MSCI EM and FTSE Russia IBO Indexes (additional stock liquidity)
Assigned ‘BB-‘ credit rating by Fitch Ratings, which is the highest in the sector in Russia 

2008

First half of 2008 — Sustainable growth throughout Russia’s Regions, Kazakhstan and Ukraine market and acquisition of necessary landbank for development. Focus on increase of capacity volumes, implementation of new precast technology, modernization of several production plants.
Second half of 2008 — Revised strategy for 2009: maintain residential focus nationwide whilst being a strategic partner in affordable housing construction.