Russian listed developer Etalon Group has acquired a 2.1-hectare land plot in the Moskovsky district of St Petersburg for a 50,000 m2 mass market residential neighbourhood project. This is the second new project the company has added to its development pipeline since its IPO on the London stock exchange in April.

Etalon plans to develop a multi-storey residential complex, comprising housing, parking and commercial real estate on the site which is already fully equipped with the required utility infrastructure, including heat, water and electrical supplies. Construction is expected to start in 2012.

The site is located in the south of the Moskovsky district of St Petersburg and within walking distance from a modern Pulkovo shopping and entertainment zone which comprises the Leto shopping mall and the Pulkovo III shopping mall & entertainment centre.

'This acquisition is another positive step in the implementation of our post IPO strategy, which targets the growth of our operations through ongoing acquisitions of high/quality development projects,' said Viacheslav Zarenkov, president and chairman of Etalon's board. 'We will now aim to start construction on site during 2012 as we continue to pursue further, similar acquisitions in our target geographies of the St Petersburg and Moscow Metropolitan areas.'

Etalon's portfolio comprises 28 projects with a total of 3.1 million m2 of net sellable area in the St. Petersburg and Moscow metropolitan areas.