• Bank to grant Samolet Group RUB1.050 bn bridge loan and RUB5.045 in project financing once building permits are obtained
  • Bank's Sberbank Investments subsidiary to buy into developer as part of deal

January 28, 2020, Moscow - Sberbank is set to finance phase one of the New Vnukovo housing estate construction in the village of Kokoshkino, 20 km away from Moscow's MKAD road, by offering RUB6.095 bn, including a RUB1.050 bn bridge loan and RUB5.045 bn in project finance. The estate will feature eight 12-storey cast-in-place concrete buildings. The project is scheduled to be completed in two years.

Sberbank Investments, a Sberbank subsidiary, is buying 1% of the capital stock in the project to obtain corporate control by signing a corporate agreement with the project shareholders. Once this is done, Samolet Group will obtain a bridge loan that will be spent on initial planning and building permits for the project being carried out with RDI Group, and project finance to be issued once the developer obtains the building permits.

Anatoly Popov, Deputy Chairman of the Executive Board, Sberbank,

'This deal spells an entirely new level of partnership between the bank and Samolet Group. For our key partners we are ready to go beyond the scope of classical project financing and provide financial support by issuing bridge loans even before a building permit is obtained.'

Anton Elistratov, CEO, Samolet Group,

'A few years ago, many would say housing construction is risky. With the change in legislation and the emerging trend towards the consolidation of developers, the situation has changed as banks, customers and other market participants began to perceive the industry's key systemic players, such as Samolet Group, as reliable partners comfortable and safe to work with. This all-new project, which we are running together with our partner Sberbank, once again proves that we are moving in the right direction along with the industry.'

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Sberbank of Russia published this content on 28 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2020 13:29:03 UTC