OREANDA-NEWS. November 10, 2014. Sberbank CIB organized a five-year RUB 8.3 bln line of credit for Pioneer Group. The funds will be used to finance the next construction phase of the residential area LIFE-Mitinskaya Ecopark which will be erected near to the nearly finished neighbouring residential area in the capitol’s North-Western Administrative Okrug. Pioneer Group is the developer, builder and general investor for the project.

The 133,000 sq.m. residential area will include three 25-story monolithic buildings, and 1,728 apartments with individual floor plans and quality turnkey finish. LIFE-Mitinskaya Ecopark residents will enjoy the convenience of commercial and social infrastructure, including a supermarket, cafe, bank branch, pharmacy and beauty salon. The property features a landscaped courtyard with recreational areas, playground, sports facilities and above-ground parking.

The construction of the residential area LIFE-Mitinskaya Ecopark will begin in 2014. The project is scheduled for commissioning in July 2014 – February 2017.

“We have extensive experience in the comprehensive development of properties, providing the market more than just comfortable housing. The LIFE residential area is a complete suburb with thoroughly planned commercial and social infrastructure. The new construction phase of the residential area LIFE-Mitinskaya is being financed by our strategic partner Sberbank CIB,” announced Andrey Grudin, Managing Director, CJSC Pioneer Group.”

“Pioneer Group is one of our key strategic partners with whom we have a productive relationship on a range of major residential construction projects,” pointed out Natalya Chibrikova, Head of the Construction and Development Division, Managing Director at Sberbank CIB. “This deal underlines our attention to the sector and residential real estate in particular, as well as focus on providing the comprehensive financial solutions required by our clients.”

In December, 2013, Pioneer Group and Sberbank CIB signed a long-term agreement on improving the efficiency of the Group’s activities. Under the agreement, Sberbank CIB will provide comprehensive investment banking and consulting services on Russian and Global markets, organizing deals on capital and debt markets, as well as cooperation on financing for Pioneer Group’s activities, banking services and cooperation as part of the marketing initiative.