PIK Group, a Russian property company focused on residential construction in central Moscow, is planning to sell shares in what may become the largest ever Initial Public Offering by a developer in Europe. PIK, whose portfolio was valued by CB Richard Ellis at some $8.8 bn (EUR 6.4 bn) at the start of 2007, intends to float on the London and Moscow stock exchanges. The company did not give details about the size of the offering.
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