London-listed PIK, one of Russia's largest residential real estate developers, has sold its 32.5% share in the Park-City project in Moscow for about EUR 56 mln.

The property is located on the Tarasa Schevchenko embankment and is currently occupied by the Sakko and Vantsetti factory and the Badaevsky Brewery. The Park-City project is designed for the development of high-end residential housing and commercial premises.

The sale of its share in Park-City project is in line with the Group's revised strategy to capture new market trends with a focus on the development of affordable housing and loading its own prefabricated production capacities.

The investment volume is equals to the market value of PIK's share in the project as confirmed by an independent appraiser. The proceeds will be used for debt reduction, PIK said.