OREANDA-NEWS. April 03, 2014. Sberbank CIB has signed a credit agreement with INTECO Group on the financing of construction of the 146,000 sq. m “Liner – Vostok” Multifunctional Complex in the Khodynskoe Polye neighbourhood.

This line of credit totals RUB 6.8 bln. The agreement was signed for a period of four years. INTECO Group began constructing the complex in February 2014. On behalf of Sberbank CIB the deal was structured by the Real Estate Finance Division and Sberbank Merchant Banking, the company’s merchant banking department. This deal is the first joint residential real estate project carried out by these divisions of Sberbank CIB.

Natalya Chibrikova, Head of Real Estate Unit of the Client Management Department at Sberbank CIB, Managing Director, commented: “The financing of INTECO Group’s major project “Liner – Vostok” Multifunctional Complex is the practical continuation of the strategic cooperation agreement that was signed by Sberbank CIB and the Group in December 2013. We are delighted to be a partner to INTECO Group – a leader of the Russian capital’s real estate market – and intend to dynamically develop our partnership in 2014 by financing the construction of three more of the Group’s major projects.”

Victor Shlepov, Financial Director at INTECO CJSC, commented: “Our long-term partnership with Sberbank CIB – one of the largest and most successful players on the corporate banking market – serves as an additional guarantee of the reliability of INTECO Group as one of the leading developers and is a good foundation for broadening the Group’s presence on the Moscow market.”

Information for editors:

“Liner” is a multifunctional complex with apartments that is currently being constructed in Moscow’s Khodynskoe Polye neighbourhood. It consists of two parts (“Liner – Zapad” and “Liner – Vostok”), which are located on 5.37 ha and 3.95 ha plots, respectively. As of now both parts of the complex have undergone an expert review and construction of “Liner – Vostok” has already begun. Construction of “Liner – Zapad” is scheduled to begin in the first half of 2014. A city park will be created on the grounds between “Grand Park” Residential Complex and “Liner”. The park will have an area of approximately 40 ha and its concept will be decided by a competition currently being held by INTECO Group and the Moscow City Architecture Committee.

INTECO Group is one of the leading Russian developers and a recognised urban planning expert. The company’s investment portfolio includes over 2.6 mln m2 of real estate of various purposes and complexity in Moscow and Russian regions. INTECO Group performs a full cycle of work at the highest possible level, from creation of concepts, architectural designing and commissioning of properties to selling and operating real estate. The company’s priorities include raising the Russian construction industry to a new level and implementing projects for comprehensive development of areas in order to construct mass housing facilities in various regions throughout Russia.

The line of credit was opened as part of a strategic cooperation agreement signed in December 2013 by INTECO Group and Sberbank CIB, under which the two companies will develop relations in the field of financing the construction of the developer’s new projects. In particular, this includes the “Liner” multifunctional complex with apartments on Sadovnicheskaya Street. Total investment in these projects will exceed RUB 20 bln.