OREANDA-NEWS. November 22, 2013. Crocus Group and Sberbank CIB have signed a strategic cooperation agreement in Moscow. The agreement was signed by Aras Agalarov, President of Crocus Group and Alexander Bazarov, Member of the Board and Senior Vice President of Sberbank of Russia and Deputy Head of Sberbank CIB.

The agreement provides for strategic cooperation between the two companies on a long-term and mutually beneficial basis, concerning a wide spectrum of financial products and services and includes financing for Crocus Group’s 2013-2017 investment program. This program combines projects in residential and commercial real estate in Moscow and the Moscow Region with over 1 mln m2 of total floor space. Projects include hypermarket chain Tvoy Dom, retail-entertainment center Vegas-2,3, hotels Holiday Inn and Marriott, the residential complex at Crocus City, Moscow’s largest seaquarium and other projects. Total investment in these projects exceeds 76 bln rubles.

Commenting on the deal, Aras Agalarov, President of Crocus Group, said: “The level of mutual trust between Crocus Group and Sberbank is so high that we start construction prior to signing a contract for financing, but with full confidence in Sberbank’s loyalty to our endeavors. Fifteen years of fruitful and mutually beneficial cooperation have helped us achieve this level of confidence. Many years of productive activity led to the signing of this agreement on strategic cooperation, which will determine Crocus Group’s development for many years to come.”

Alexander Bazarov, Member of the Board and Senior Vice President of Sberbank of Russia and Deputy Head of Sberbank CIB, commented: “We see that the Russian real estate market has maintained its potential for growth and continues to be an attractive investment. Over the last 2.5 years investments in commercial real estate alone amounted to \\$20 bln. We assign priority to this segment and pay special attention to building long-term and mutually beneficial relations of trust with clients. The strategic cooperation agreement between Sberbank CIB and Crocus Group signed today will strengthen our partnership and offer Crocus Group a broader range of services”.