PIK Group (PIKK), a Russian real-estate developer, may lose its only project in St Petersburg as the local authority is reclaiming the site, Vedomosti reported, citing a PIK official.
The city government has filed a court case reclaiming the land near Pulkovo airport, the newspaper said, citing court documents.
PIK, which is partly owned by billionaire Suleiman Kerimov, is in talks with partners and the city government to take the project forward jointly, the company said by e-mail in response to questions from Bloomberg News.
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