Russian residential developer PIK Group is planning to enter the Ukrainian development make its first investments abroad in neighbouring Ukraine.

In announcement to the London Stock Exchange today, PIK said it intends to enter cities including Kaluga, Kaliningrad, Omsk, Perm, Novorossiysk, Rostov and Yaroslavl, Taganrog and Nizhny Novgorod. It also said it was looking to undertake its first projects in the Russian city of St Petersburg.

It has established two business units: PIK Ukraine and PIK Northwest to carry out its expansion strategy. The units will be responsible for identifying land for purchase, zoning, and construction.