Klever Asset Management is planning to resume the construction of an upmarket residential block in Bolshoy Afanasievsky Lane in Moscow. The company is controlled by Yury Zhukov – the founder of the development concern the PIK Group,whose stake in PIK could go to the creditor banks – Alpha and Nomos – as security for PIK’s outstanding debts.
Klever Asset Management acquired the project from PIK in 2009; PIK became the owner in 2005, when it acquired the site from Sistema Hals and Astra 7. The project was never started – PIK initially faced a dispute with one of the vendors over encumbrances on the site, and after the crisis began it did not have the resources to carry out the project.
Klever now intends to complete the construction of the 19,000 m2 structure by the end of 2011.
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