OREANDA-NEWS. Sberbank CIB, the corporate and investment banking business of Sberbank, has opened a line of credit worth RUB 19 bln for Closed-end Real Estate Mutual Investment Fund ActivePremier Trust, an entity controlled by TEN Development AM LLC.

The financing will be used to fully refinance the Fund’s debts to other commercial banks, and as a result of this, Sberbank receives a 100% share in the Fund’s loan portfolio.

"TEN Development AM LLC is a key Sberbank client in the construction industry, with whom we enjoy a long-term successful partnership. This transaction will provide the company with optimal, comfortable financing," commented Natalia Shemanovskaya, Managing Director, Head of the Real Estate Division of Sberbank CIB’s Largest Clients Coverage Department.

Sergey Kosachyov, CEO of TEN Development AM LLC, commented: "The consolidation of our loan portfolio at Russia’s largest bank under favourable and flexible conditions will help our business to develop more dynamically and effectively."

TEN Development is a major developer of commercial real estate in Moscow. Its portfolio includes properties such as the shopping centres "Lefortovo City", "City in Ryazanka", "L-153", "Cloud", and "Kosino Park", which have a total area of over 640,000 square metres.