Pik Group, the London-listed Russian residential property developer, has unveiled a significant expansion of its property portfolio since flotation last year.

In its first significant revaluation, the company said there had been a 40 per cent increase in its portfolio’s market value to $12.3bn (£6.27bn) as at January 1, up from $8.8bn at the beginning of 2007.

The company also revealed that total net saleable space increased 61 per cent to 14.2m sq m, from 8.8m sq m in January 2007.

On flotation, the company promised to build on its land bank significantly and has undertaken a rapid expansion into Russia’s regions to take advantage of prices outside Moscow that have stayed relatively low. Pik also intends to begin building in Ukraine.

Pik’s float was one of the largest by a European property developer last year, raising $1.9bn and making paper dollar billionaires of its two founders.

There are now a number of large Russian developers listed in London following a spate of public offerings to tap into the appetite among investors eager to invest into Russia’s economic growth story. The country is seen as having a chronic shortage of affordable housing, in particular.

Pik is one of Russia’s largest developers, specialising in low-price, prefabricated homes, mainly in Moscow. The revaluation was carried out by CB Richard Ellis, the commercial property consultancy.

Kirill Pisarev, chief executive, said: “We are very pleased to have delivered on one of our key IPO promises, namely to invest in building a strong land bank for the future.

“Focusing mainly on expansion into Russia’s regions, we have invested in a high-quality development pipeline that we believe will deliver attractive returns for shareholders,” Mr Pisarev added.

The group’s annual results are due to be released on May 19.

Pik has 449 properties under development. During the past four years, the company has completed more than 4m sq m of housing, equivalent to more than 59,000 units, in Russia.