PJSC LSR Group (LSRG)
LSR Group launches sale of apartments in a new business-class residential estate in St. Petersburg
St. Petersburg, Russia - 7 June 2019 - PJSC LSR Group ("LSR" or the "Company") (LSE: LSRG; MOEX: LSRG), one of the leading real estate developers and building materials producers in Russia, announces the launch of one of its largest residential developments, 'Morskaya Naberezhnaya' in Neva Bay on Vasilievsky Island, St. Petersburg.
Located in a 34-hectare land plot, the residential complex has a total area of 886 th. sqm, with a living space of just over 503 th. sqm. The complex will be completed by 2030 in four stages, comprising of 47 apartment buildings with between 11 and 22 floors, most of which will be overlooking the Gulf of Finland. The first stage is expected to be completed by 2023.
The 'Morskaya Naberezhnaya' development will consist of 9,250 apartments, ranging from one- to five-bedroom options, varying from 26 to 123 sqm in living space. Apartments will be presented in classical or European styles and can be purchased in either shell and core or fully-fitted formats. There will be no studios in buildings.
Sales are already underway in land plot №13 (the first stage of development). The first property being sold is the Building №8, a high-rise residential development consisting of 15 floors and a total area of just over 18 th. sqm, containing 11.6 th. sqm of living space and 308 apartment units. Prices start at RUB 99,000 per sqm. The fully-fitted apartments are expected to reach completion during the fourth quarter of 2022.
The architectural design of 'Morskaya Naberezhnaya' was developed by Studio 44 bureau. The entire development will include underground parking for more than 5,400 cars, as well as open-air guest parking. LSR Group will also build 4 pre-schools and 3 schools. More than 25 th. sqm of area will be available for commercial lease and will consist of retail stores as well as leisure and entertainment facilities. Along with the construction of the residential complex itself, the Company will gradually develop an adjacent riverbank area of around 11 hectares on a 2km long, 100m wide embankment.
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About LSR Group:
PJSC LSR Group is one of Russia's leading residential real estate developers and building materials producers. Founded in 1993, the business of LSR Group is concentrated in the three largest regions of Russia - Moscow, St. Petersburg and Yekaterinburg. The main business areas of the Company are real estate development and construction and production of building materials. LSR Group carries out projects in all segments of residential real estate market: mass market, business and elite.
In accordance with its audited IFRS consolidated financial statements for 2018, LSR Group had revenue of RUB146.4 billion, Adjusted EBITDA of RUB36.4 billion and Net Profit of RUB16.2 billion. As of 31 December 2018 (according to Knight Frank), the net sellable area of projects in LSR Group's real estate portfolio amounted to 7.8 million m2 with a market value of RUB186 billion.
Ordinary shares of the Company are traded on the Moscow Exchange (MOEX: LSRG) and GDRs representing its ordinary shares are traded on the London Stock Exchange (LSE: LSRG).
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