OREANDA-NEWS. July 11, 2014. River Park received financing for construction of both stages of the Moscow project. Financing was organized by Sberbank CIB and Moscow Bank of Sberbank.

The project is being undertaken through the partnership with the international investment group AEON and the developer Ferrostroy. Sberbank Group’s participation in both stages of the project amounts to RUB 6 bln.

The River Park Complex is located on the embankment of the Moscow River within walking distance of the historical Kolomensky park. The complex includes 280 thousand m2 of residential space. The first stage of the project is scheduled for completion in the first quarter of 2016. River Park is the Moscow City Government’s pilot project for the reconstruction of the industrial areas on the banks of the Moscow River into a comfortable living area, meeting all European standards.

Managing Partner, AEON, Dmitry Starostin commented: “The main competitive advantage of this unique project is the proximity to the river and the park. Future residents will enjoy the comforts of countryside living in the center of Moscow.”

“Moscow Bank of Sberbank actively provides financing for the most interesting residential construction projects in the Moscow Region. The River Park Complex fits into two priorities of the Moscow City Government: redevelopment of industrial zones and reconstruction of embankments as part of developing public spaces,” said Vice President of Sberbank and Chairman of Moscow Bank, Oleg Smirnov.

“We are happy to finance the project, which is part of a global trend of converting former industrial zones into territories for comfortable living,” commented Deputy Head of the Client Management Department at Sberbank CIB Kirill Polishkin. “Today there is a demand for financing residential real estate projects in Russia and this deal demonstrates new possibilities to develop the business. We are focused on long-term cooperation in this area with promising clients like AEON and Ferrostroy.”