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LSR Group Is to Build a Housing Project in the Moscow Region

23 December 2010

CJSC Mosstroyrekonstruktsiya (a subsidiary of LSR Group) has signed a contract for the construction of a mass market residential quarter in the Novokosino 2 neighbourhood in Reutov, Moscow Region.  Under the contract between the developer, OOO Expert, and the contractor,  CJSC Mosstroyrekonstruktsiya, the latter is to construct  6 residential buildings of the Euro’PA series with a total sellable area of  140 th. sq.m. and an underground parking for 250 car slots all for the amount of RUB 4.63 billion (including VAT)

According to the contract, CJSC Mosstroyrekonstruktsiya will provide construction services, design works will be carried out by MSR Perspektiva (a subsidiary of LSR Group), reinforced concrete products will be supplied by Zavod ZhBI-6 (a subsidiary of LSR Group).

The Euro’Pa series quarter will comprise six blocks of flats including 17 to 24 stories.  While implementing this project Mosstroyrekonstruktsiya for the first time will construct two 24-storied tower-type buildings combining cast-in-place and panel construction technologies. The construction is planned to start in the first quarter of 2011, with the first buildings to be completed in the second quarter of 2012 and the last of these 6 houses to be completed by the autumn of 2012.

Ivan Romanov, LSR Moscow Business Unit Manager, Managing Director of CJSC Mosstroyrekonstruktsiya, commented:
“The new project provides yet another proof of the fact that the Evro’Pa series introduced to the market by LSR Group in 2009 enjoys high demand in the Moscow region. The advantages of our product have been appreciated not only by public sector customers but also by the private sector, and OOO Expert has joined their list today. Thanks to the work of the property developer that has already made arrangements for the project documentation and for the engineering systems of the land plot, we will be able to start construction work early next year, and to complete first buildings within the shortest time possible”

Vladimir Klykov, Executive Director of OOO Expert, commented:
“A high reputation of LSR Group in the real estate and construction market, advanced housing construction technologies, particularly,  the Evro’Pa series, allow us to believe that the involvement of  CJSC Mosstroyrekonstruktsiya in the project will not only ensure its high quality and timely completion but will also increase its commercial potential.  I am confident that the synergy of our partner’s production and construction capabilities will ensure a high speed of construction which will enable us, in our turn, to guarantee that the buyers will get quality housing in accordance with the time schedule announced.”

The Novokosino 2 neighbourhood is under construction in the township of Reutov known for a developed social and transport infrastructure.  It would take 10 minutes for the neighbourhood residents to walk to the Novokosino metro station planned to open in 2012. The integrated development of the Novokosino 2 neighbourhood provides for the construction of three secondary schools, three kindergartens and various shops and public services. A friendly environment is promoted by the nearby Saltykovsky Lesopark and picturesque lakes.

Note to Editors:

OJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials, real estate development and panel construction.
LSR Group's main operations are located in St. Petersburg, Moscow, Yekaterinburg and Ukraine.
In 2009, the sales revenues of LSR Group were RUB 51,024 million (IFRS).
LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX and RTS.

CJSC  Mosstroyrekonstruktsiya is an investment and construction company founded in 2001. In 2007, the company completed its first project, the Dom na Davydkovskoy business class residential complex. In 2008, the company has strengthened its presence in Moscow’s real estate market through the acquisition of property complex at Leningradskoye Shosse. In 2009 Mosstroyrekonstruktsiya became a subcontractor to construct a residential neighbourhood for the military personnel in Balashikha for the use by the RF Ministry of Defence. In 2010 the company completed construction of the unique project – the Grunwald residential complex, launched its first mass-market development projects in Balashikha and Nakhabino. In addition, the company is finishing design works and resettlement to start construction of the new multi-purpose business complex New Balchug at Sadovnicheskaya Street.

For more details please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
Fax: +7 812 458 83 72
E-mail: press@lsrgroup.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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