17 October 2016
Etalon Group Launches Sales for Galactica Project
Etalon Group Limited ("Etalon Group" or the "Company"), one of Russia's largest and longest-established development and construction companies, has launched sales for its Galactica project.
Galactica is the Company's largest project in St. Petersburg. With a 38-hectare land plot, it will have a total net sellable area of 838 ths sqm when it is completed, and will create an entirely new comfort-class residential district.
The project is situated by Moskovsky Prospect and Naberezhnaya Obvodnogo Kanala, just south of central St. Petersburg, which makes it a prestigious location for both living and doing business. The nearest metro stations, Frunzenskaya and Moskovskiye Vorota, can be reached from the development by foot in just 10-15 minutes.
According to the Etalon Group's landbank valuation conducted by JLL, as of 31 December 2015, the potential income from sales at Galactica was estimated at over RUB 72 billion. The first two residential building in the project are due to be completed in 2018.
Etalon Group President and CEO Viacheslav Zarenkov said: "I am extremely pleased to announce the launch of sales at Galactica today. We have worked very hard to ensure that Galactica will be a comfortable and attractive district for its residents, using the Etalon NEXT approach to bring the latest planning and construction technologies that integrate housing, school and sporting facilities, commercial properties and public spaces. I believe that Galactica will set the standard for other major redevelopment projects going forward.
"This project means a great deal for Etalon Group: with 838 ths sqm of net sellable area and potential income from sales estimated at over RUB 72 billion according to JLL, this represents a long-term project that will bring significant income for years to come."
This and other recent announcements are available on the Etalon Group website: http://www.etalongroup.com/investors/news/
Etalon Group IR Team
T: +44 20 8123 1328
T: +44 7554 993 032
T: +7 499 918 3134
About Etalon Group
Founded in 1987 by Viacheslav Zarenkov, Etalon Group has become one of Russia's largest development and construction corporations. The Company focuses on middle class residential real estate in the Moscow and St. Petersburg metropolitan areas, where it operates through Etalon Invest and LenSpetsSMU subsidiaries. With a 29-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry.
Since its inception, Etalon Group has commissioned 5 million sqm. Etalon Group's CAGR for deliveries in 2010-2015 was 19%.
Etalon Group's strong reputation among consumers supports its pre-sales business model, which helps the Company to minimise external financing needs for on-going projects while maintaining a secure liquidity position: net debt as of 31 December 2015 was RUB 7,397 million.
The Company is vertically integrated, which helps it to control costs, quality and timing, as well as to demonstrate best-in-class profitability. Etalon Group employs 5,000 people, and its nationwide sales and marketing network covers 37 Russian cities.
As of 31 December 2015, Etalon Group's portfolio comprised 28 projects, with a total of 2.72 million sqm of unsold net sellable area. JLL valued this portfolio at RUB 104,384 million.
For the year ended 31 December 2015, Etalon Group's new contract sales totalled 385 ths sqm, or RUB 35,080 million. Deliveries in 2015 totalled 502 ths sqm.
The Company recorded revenue of RUB 42.4 billion and EBITDA of RUB 7.7 billion for the year ended 31 December 2015.
Etalon Group Limited's GDRs have been traded on the Main Market of the London Stock Exchange since 20 April 2011.
This information is provided by RNS