OREANDA-NEWS. September 10, 2014. Sberbank CIB has organised a line of credit for INTECO Group worth a total of RUB 5.6 bln. The funds will be used to finance the construction of the multifunctional apartment complex at 31 Sadovnicheskaya Street with a total area of 34,000 sq. m and the multifunctional complex at 3-7 Sadovnicheskaya Embankment with a total area of 30,000 sq. m.

This is not the first time that Sberbank CIB has participated in organising lines of credit for INTECO Group. In March and April 2014 agreements were signed on the financing of a construction project in Moscow’s Khodynskoe Polye neighbourhood – the eastern and western parts of the ‘Liner’ complex, with RUB 6.8 bln provided for each.

All the lines of credit have been opened under the strategic partnership agreement signed by INTECO Group and Sberbank CIB in December 2013. It is expected that the projects for which the lines of credit were opened will be completed in 2016.

Victor Shlepov, Financial Director at INTECO CJSC, commented: “Taking into account the credit agreements made during the first half of the year to finance the ‘Liner’ project, we have fully met the parameters of the strategic partnership agreement signed by INTEKO CJSC and the Sberbank Group. The lines of credit opened under the agreement fully cover the project expenses and guarantee that stable progress will be made and that all work will be completed regardless of the economic situation. We are glad that INTECO and the Sberbank Group have formed a productive partnership that helps us to create and implement advanced developer projects in Moscow.”

Natalia Chibrikova, Head of the Construction and Development Division, Managing Director at Sberbank CIB, commented: “Construction of real estate that is popular on the market has a significant synergy effect for a number of economic sectors. We give special focus to such projects and strive to become a trusted financial partner for them. In 2014 the Sberbank Group realised the plans which were announced a year ago to finance four INTECO Group projects to a total of over RUB 19 bln. Our client has become one of the largest apartment developers in Moscow. Together we have placed a solid foundation that will facilitate the development of mutually beneficial cooperation and implementation of new ambitious projects.”