PPF Real Estate Russia to obtain EUR 186 million credit facility from Russia’s largest bank, Sberbank
The credit facility will be used to finance of PPF's principal real estate project in Russia, ComCity in Moscow.
PPF Real Estate Russia (PPF) and Sberbank, Russia‘s largest bank, have reached an agreement to provide PPF with a credit line worth EUR 185.84 million, for the financing of the construction and completion of the first phase of PPF‘s principal real estate project in Russia, the multifunctional office complex in Moscow named ComCity. The construction work for the project began in December 2012. The credit line is designed for seven years; no further details will be disclosed, based on the agreement of both sides.
PPF Real Estate Russia is owned by PPF Group, a major foreign investor in Russia and its ComCity project is a key part of the Group‘s long-term investments in the country.
Tomas Lastovka, PPF Real Estate Russia Investment Director, said: „We are delighted that our successful co-operation with Sberbank continues and that Russia‘s largest state bank supports our investments in Russia. PPF Group‘s major investment activities in Russia are in the area of financial services, retail and real estate. As far as the ComCity project is concerned, it is another example of our successful co-operation with the Moscow city authorities, as well as an example of a modern urban development in a framework of the 'New Moscow' concept.“
Maxim Poletaev, Sberbank‘s Vice-President and Chairman of Sberbank Moscow Branch, said: „Sberbank‘s Moscow branch has extensive expertise in the financing of large real estate projects that will have a major impact on the market. We are sure that PPF‘s ComCity will be such a project. Our bank currently runs a team of top-class professionals focused on the financing of the most complex real estate projects in progress. Our experts are ready to structure any deal quickly and to a high standard.“