Russia’s largest housebuilder PIK Group is seeking to raise $500m (£250m) through the sale of new shares as it seeks to invest in two large sites in Russia.

In a statement issued last night, founding partners Kirill Pisarev and Yury Zhukov said they would look to raise the money by way of an ‘accelerated bookbuild’.

PIK is planning to develop large housing schemes on a 154 acre site in St Petersburg and a 561 acre site in Izhevsk.

The two schemes, which will cost $280m (£140m) to develop, are expected to increase the company’s 155m sq ft development portfolio by 30%.