OREANDA-NEWS. October 11, 2012. Loan agreement was signed under which a credit line will be extended to CJSC Crocus in the amount of RUB 7 bln1 for a period of ten years. The funds will be used for the development of the entertainment complex “Vegas-2” located on the grounds of Crocus City (address: 65th-66th km of the Moscow Ring Road). A cross currency swap has also been incorporated into the terms of the agreement with CJSC Crocus. The deal was managed by the Sberbank CIB2 joint team.

The entertainment center has a gross area of over 250K sq. meters, with more than 100K sq. meters in retail space. “Vegas-2” will house a multiplex movie theater and a large entertainment zone. Also featured will be globally known brands such as Debenhams, Saturn, and BHS. The center will serve as an entertainment destination for residents of Moscow and the greater Moscow area.

Crocus Group President Aras Agalarov commented the deal, “Crocus Group is currently realizing an ambitious project at Crocus City, part of which will be the “Vegas-2” entertainment center. We have already built the largest exhibition complex in Moscow, the “Crocus Expo”, the concert hall “Crocus City Hall” and the stores “Tvoy Dom” and “Dom Mebeli”, “Crocus City Mall”, the hotel “Aquarium” and the subway station “Myakinino.” We are grateful to Sberbank of Russia that all of these projects were built with its financing support. Sberbank of Russia continues to work closely with our company and offer new and interesting corporate financing products.”