OREANDA-NEWS. April 28, 2009. Sberbank has paid RUB 2.7 bn for a blocking interest in developer Krasnaya Polyana (Red Meadow) which is building the Gornaya Karusel ski resort next to Sochi, the bank said in its 4Q 2008 financials. The bank’s acquisition of a 25.01% stake in the developer was reported in August 2008 and in early April 2009, the shares were assigned to Sberbank’s subsidiary Sberbank Capital.

The value of the transaction was not disclosed at that time. Back in December 2008, Sberbank opened a RUB 2.5 bn credit line to Krasnaya Polyana to finance the year-round mountain ski resort Gornaya Karusel in the suburb of Esto-Sadok of Sochi. The project calls for erecting 70 km long mountain ski routes and with 28 ski hoists and building over 300,000 sq m of resort properties.