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LSR Group to Build Housing under a Public Procurement Scheme

23 July 2009

On 22 July, the Morton group of companies, the general contractor for the construction of a residential neighbourhood for military personnel in Balashikha, Moscow region,  entered into a contract with CJSC Mosstroyrekonstruktsiya (100% subsidiary of LSR Group) to jointly implement the project. Morton group of companies was selected a general contractor for this development as a result of an auction held by the RF Ministry of Defence

In accordance with the contract and approved design documentation CJSC Mosstroyrekonstruktsiya is to construct a residential neighbourhood comprising 6 houses of 14 to 17 stories with a total area of 140 th sq.m. The contract amount is RUB 3.9 billion. The project completion is planned for June of 2011.

The houses are to be built using reinforced concrete panels manufactured by OJSC Zavod
ZhBI-6 (a subsidiary of LSR Group) benefiting from the application of upgraded seamless technology that will fully prevent any future risk of leakages and cold bridging. 

According to Aleksandr Nopin, CEO of OOO Morton-RSO, for a successful project implementation the company has studied construction organisations of Russia. The long-standing successful experience of LSR companies in the construction sector and the advanced technologies implemented by its reinforced concrete manufacturer for prefab construction determined the choice of contractor and make the Morton group confident the project will be a success.

Note to Editors:

OJSC LSR Group  is a real estate and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction — from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects.
LSR Group has operations and offices in a number of cities in the Leningrad region, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany.
In 2007, the sales revenues of LSR Group (according to the IFRS) were RUR 35,858m, in 2008 – RUR 49,813m.
LSR Group is a public company, with its GDRs listed and traded on the London Stock Exchange and its shares listed and traded on MICEX and RTS.
In 2007, LSR Group was awarded ‘The Company of the Year’ National Award in the ‘Construction’ category.

For more details please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
E-mail:
press@lsrgroup.ru
www.lsrgroup.ru

Morton Group, a member of the Russian Association of Builders, builds residential neighborhoods on a turnkey basis in Moscow and Moscow Oblast.
Established in 1994, Morton Group has various divisions that handle every aspect of residential neighborhood projects: devising an investment strategy, design and construction, as well as sales and management of completed projects.
The company has completed residential buildings in the city of Klin, the Proletarsky residential complex in the city of Shchelkovo, the First of May neighborhood and the Pearl of Balashikha residential complex in Balashikha, and the Ozerny residential complex in the village of Medvezhi Ozera. Houses in five large-scale residential neighborhood projects are currently for sale in three cities of Moscow Oblast: Balashikha, Zheleznodorozhny and Lobnya. In 2009 the company plans to complete more than 350,000 m2 of residential real estate in the neighborhoods of Shchitnikovo and Pearl of Balashikha as well as two neighborhoods in the city of Zheleznodorozhny.

For more details please contact:
Morton Group Press Service
Tel.: +7 495 921-10-20
E-mail:
info@morton.ru
www.morton.ru

«LSR Group» discloses information on the page on the Internet of LLC Interfax-TsRKI — the news agency accredited by the Central Bank of the Russian Federation to disclosure of information.
Information is available here.



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