PRESS: Russia’s PIK Group co-owner Gordeyev buys Morton

MOSCOW, Sep 20 (PRIME) -- Sergei Gordeyev, owner of a 29.9% stake in Russian real estate developer PIK Group, has bought a stake in real estate developer group Morton from the latter company’s co-founder Alexander Ruchyev, business daily Kommersant reported Tuesday citing Ruchyev.

Ruchyev was Morton’s core owner, but minority shareholders also sold their stakes in the company to Gordeyev, he told the daily without disclosing the deal’s cost.

Gordeyev received control over all assets of Morton, including 200,000 square meters of commercial real estate, 5.3 million square meters of housing to be constructed in Moscow and the Moscow Region, 1,000 hectares of land and a house building factory Grad. Gordeyev does not plan to integrate Morton’s assets into PIK Group, he told Kommersant.

Dmitry Trofimov, head of the evaluation department at consulting company MEF-Audit, told the daily the fair market price for Morton’s business is 165 billion rubles excluding debt, which stood at 20 billion rubles in September–November 2015.

(64.9173 rubles – U.S. $1)

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