ENP Newswire - 11 July 2014
Release date- 10072014 - Sberbank CIB1 has organised financing2 worth RUB 16.7 bln for a term of five years for the project to construct Red Side, a premium-class residential complex in Moscow's Krasnaya Presnya neighbourhood.
The project involves the construction of an approximately 200,000 m2 residential quarter with its own infrastructure. Construction is scheduled for completion by 2017.
The borrowed funds will be used to finance the construction costs of the residential complex. An understanding on providing mortgages to consumers who wish to acquire under-construction or finished accommodation has been reached under a partnership agreement with Sberbank of Russia.
Consulting firm IPT Group acted as the legal and financial consultant for the Red Side project.
'Red Side Residential Complex is a property with a special concept, the format of which has rapidly gained popularity on the Moscow real estate market in recent years,' commented Natalia Ermakova, Head of the Corporate Clients Division's Industrial Unit, Client Management Department, Managing Director at Sberbank CIB. 'This complex features high-quality construction combined with interesting architectural decisions, a favourable location and developed internal infrastructure in the spirit of a modern metropolis. We are positive about the future of this project; Sberbank intends to participate not only as a creditor, but also as a key partner in providing mortgage lending to potential homeowners.'
Information for editors:
Red Side Residential Complex
Red Side RC is located in the western part of Moscow'sCentral Administrative District and occupies a five-hectare plot between Sergeya Makeyeva Street and 2nd Chernogryazskaya Street. The project consists of eight buildings of varying height (from 7 to 21 storeys), which include residential buildings that house 950 apartments and internal infrastructure such as a children's club, gym, underground parking, and retail and service points. The developer is 7th TMP OJSC and the general contractor is FODD LLC. The project declaration can be found on the site www.redside.ru.
Red Side RC Press Service
Tel: +7 495 956 0372
The Corporate & Investment Banking Business (Sberbank CIB) was created as part of the integration of Sberbank of Russia and Troika Dialog. Sberbank CIB's key areas of activity are corporate finance (including trade finance), the documentary business3, investment banking services, trade operations with securities, and private equity. Sberbank of Russia's Corporate & Investment Banking Business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.
Sberbank CIB Press Service
Tel: +7 495 258 0519
IPT Group is a major consulting company that has been successfully providing legal and financial support to businesses for 10 years. The company provides legal support to over 100 organisations operating in over 20 industries. IPT Group's activities include corporate law, financing of infrastructure projects and creation of public-private partnerships, real estate and construction, anti-monopoly law, commercial law, banking and financial law, intellectual property law, and tax law (including regulation of tax disputes). As of today, the lawyers of IPT Group have won 95% of their cases. The turnover of the companies serviced by IPT Group exceeds 120 bln roubles. The capitalisation of these companies is 1.5 trillion roubles.
Press Service of IPT Group
Tel: +7 495 956 0372
1On the basis of CJSC 'Sberbank CIB'
2Financing provided by Sberbank of Russia
3Banking products and services provided by Sberbank of Russia