OREANDA-NEWS. September 2, 2009. Sberbank is to take over half of Don-Stroy’s business engaged in the construction and management of commercial real estate assets in exchange for restructuring a USD 500 mn debt, Kommersant business daily wrote Tuesday.

Don-Stroy’s press service denies the existence of such plans. Don-Stroy and Sberbank shareholders should sign a memorandum on debt settlement by the end of September, the newspaper wrote quoting a source. In line with the agreement, according to the newspaper, for the restructuring of Don-Stroy’s USD 500 mn debt and the construction of two residential complexes Sberbank will gain more than a 50% working interest in DS Development, the company that builds Don-Stroy's commercial real estate. The lending institution will also take over Nordstar Tower, a 147,000-sqm business center located on Khoroshevskoye Shosse in Moscow, the newspaper wrote.