Sberbank CIB Opens RUB 6.8 bln Line of Credit for INTECO Group
OREANDA-NEWS. Sberbank CIB has signed a credit agreement with INTECO Group on the financing of construction of the 146,000 sq. m "Liner - Vostok" Multifunctional Complex in the Khodynskoe Polye neighbourhood. This line of credit totals RUB 6.8 bln. The agreement was signed for a period of four years.
INTECO Group began constructing the complex in February 2014. On behalf of Sberbank CIB the deal was structured by the Real Estate Finance Division and Sberbank Merchant Banking, the company's merchant banking department. This deal is the first joint residential real estate project carried out by these divisions of Sberbank CIB.
Natalya Chibrikova, Head of Real Estate Unit of the Client Management Department at Sberbank CIB, Managing Director, commented: "The financing of INTECO Group's major project "Liner - Vostok" Multifunctional Complex is the practical continuation of the strategic cooperation agreement that was signed by Sberbank CIB and the Group in December 2013. We are delighted to be a partner to INTECO Group - a leader of the Russian capital's real estate market - and intend to dynamically develop our partnership in 2014 by financing the construction of three more of the Group's major projects."
Victor Shlepov, Financial Director at INTECO CJSC, commented: "Our long-term partnership with Sberbank CIB - one of the largest and most successful players on the corporate banking market - serves as an additional guarantee of the reliability of INTECO Group as one of the leading developers and is a good foundation for broadening the Group's presence on the Moscow market."