Strabag forms Joint Venture with Russia’s PIK Group

Austria’s Strabag SE has formed a joint venture (JV) partnership with Russia’s leading real estate developer PIK Group. The agreement means that PIK and Strabag take equal equity stakes in a new JV company named ILBAU.

ILBAU will serve as a general contractor and provide significant execution capacity for PIK’s existing “prime location” residential development projects in Moscow.

Strabag and PIK have previously cooperated on a number of projects such as the 70000 m² ‘English Town’ development inside the third ring road and the 32000 m² Rublevskie Ogni residential project in Moscow scheduled for completion by the fourth quarter of 2011.

The JV will see ILBAU working from the outset on the redevelopment of the Kuntsevo district in western Moscow where PIK had already secured a 17000 m² share of net sellable space next to the Rublevskoye shosse (highway), scheduled for completion by 2014.

ILBAU will also embark on existing PIK residential contracts including 30000 m² of sellable space on Marshal Zakharova street, scheduled for completion in 2012, and 32000 m² on Marina Roscha street planned for completion by 2011.

ILBAU is also set to undertake the general contractor role for a number of buildings in the Moscow region. The Coliseum in the Dolgoprudnyy area represents 59000 m² of sellable space, whilst a number of buildings will form the heart of a new neighbourhood development in Novokurkino, north west of the MKAD (The main Moscow orbital motorway).