OREANDA-NEWS. October 29, 2014. Sberbank CIB has organised the provision of a 5-year credit line for Development Group 19 (DG 19) worth USD107 mln.

These funds will be used to finance the construction of Ledentsovpark multifunctional retail and entertainment centre, which is located on Mozhaiskoye Highway near Odintsovo. On behalf of Sberbank CIB the deal was structured by the Client Management Department, Real Estate Finance Division, and Sberbank Merchant Banking (the merchant banking department of Sberbank CIB).

Ledentsovpark is surrounded by highly developed transportation, social and commercial infrastructure, as well as a number of high-quality residential real estate properties at various stages of completion. The project currently has a catchment area of 665,000 people, which may be increased by 120,000 due to the completion of new residential complexes. Ledentsovpark is a modern, high-quality neighbourhood-type shopping centre with a selection of respectable anchor tenants (O’Key supermarket, Decathlon sports hypermarket) and a balanced pool of tenants that will meet local residents’ daily demand for products and services.

DG 19 Partner Daniel Reno commented: “The Odintsovo project is Development Group 19’s second retail project. We took into account the region’s high purchasing power coupled with its lack of high quality shopping centres. Other important factors were the proximity to a new toll road and the plan to build modern residential complexes in the surrounding area. The majority of tenants of our first project – Zelenopark – have already shown interest in the new project, including the key anchor tenants. We are grateful to Sberbank CIB for this continuation of our productive partnership and the opportunity to create new and interesting projects.”

Kirill Polishkin, Deputy Head of the Client Management Department at Sberbank CIB, commented: “Ledentsovpark is the second project that we have carried out in partnership with Development Group 19.

In 2012 Sberbank CIB organised financing for the construction of DG 19’s Zelenopark retail complex in Zelenograd. The total sum of credit lines that the Sberbank Group has opened for our partner has exceeded USD 300 mln. Amid the dynamic development of residential construction in the Moscow Region there is significant potential demand for high-quality local shopping centres, and we are certain that these sorts of projects will be popular on the market.”