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Russia's PIK Group wins $145 mln Moscow contract

Russian residential property developer PIK Group has won 4.03 billion rubles ($145.3 million) worth of City of Moscow contracts to sell residential property in the Moscow region.

Under the deal, PIK will sell 70,000 square meters of residential property to the City of Moscow government for 53,730 rubles ($1,938) per sq m.

A PIK official told Reuters the company planned to hand over the property to Moscow in the first quarter of 2009. (Reuters)