The Government of St.Petersburg acquires the housing from LSR Group

City House Building Company (OOO GDSK), 100% subsidiary of LSR Group, has won the open auction for the right to conclude a government contract for a sale of flats in St. Petersburg for the needs of the city. The total amount of the government contract is around RUR 1.8 billion (1,800,933,750 roubles).

According to the auction results, the government contract will be concluded for the construction of 1,040 mass-market flats which are currently under development with a total area of 38,134.44 sq.m.

The planned completion date is no later than March 2010.

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.

OOO GDSK is a subsidiary of LSR Group. The company founded in 2001 develops mass market residential real estate. Since 2003, GDSK has completed 39  projects with a total area of 500 th sq.m. Currently the area of over 6 bn sq m is on different stages of project development.
In 2008 the company became a winner in  the “Consumer’s Trust” and “10 Best Constructors” contests. According to the  results of the “Best Builder in St. Petersburg - 2008” contest, OOO GDSK was awarded first place in the nomination “Best Company in Mass Marker Construction”.

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