PIK Group

The PIK Group (Russian Группа компаний ПИК ) is one of the largest construction companies in Russia. The abbreviation stands for PIK Perwaja Ipotetschnaja Kompanija ( "First Mortgage Company"), as the company was originally.

The group was founded in 1994 and originally specialized in housing exclusively in the Moscow area. 1998 the company launched jointly with the Moscow City Government and cooperating banks as one of the first in Russia, a mortgage program. In the 2000s PIK expanded through acquisitions of its presence in other regions of Russia. Meanwhile, the PIK Group is nationally represented by over 20 regional and specialist departments. According to the company, the total area of 2000 to 2007 financed and built by the company's residential units amounted to over five million square feet.

In the wake of the economic crisis that began in 2007, construction work of PIK Group were compared to previous years after considerably. In 2008, the company made a loss of around 167 million U.S. dollars.