OREANDA-NEWS. December 16, 2014. Sberbank CIB has organised a 3-year line of credit2 for Pioneer Group with a RUB 2.5 bln limit. Financing is being provided by Sberbank’s Severo-Zapadny Bank, and will be used to fund the construction of the LIFE-Primorsky residential area, which is to be located in the southern part of Saint Petersburg’s prestigious and fast growing Primorsky District.

The future 87,000 m2 residential area will include 4 monolithic buildings containing flats with attractive views, spacious terraces and a high-quality turnkey finish. LIFE-Primorsky will have a developed infrastructure, including a heated underground car park, guest parking spaces, as well as shops and service providers on the first floors of the buildings. Future residents will be provided with a landscaped yard with recreational areas, children’s play areas and sports areas, and a kindergarten.

“The size of the business that Pioneer Group has built up over the past 13 years enabled us to receive support from the Sberbank Group after signing an agreement on long-term strategic partnership,” commented Andrey Tyutchenko, Chief Financial Officer of Pioneer Group. Our long-term plans include maintaining the company’s leading position on the markets of Moscow and Saint Petersburg and increasing our project portfolio and construction activity.”

“Pioneer Group is a strategic partner with whom we are successfully cooperating in order to deliver a range of major residential construction projects,” commented Natalya Chibrikova, Head of the Construction and Development Division, Managing Director at Sberbank CIB. “The deal to finance this new project shows that we are also focusing on developing residential construction and broadening the geography of our partnership with the Group – this is a pilot project in terms of location because it is outside of the Moscow area. We aim to continue this productive relationship with our partner and concentrate on delivering complex financial solutions to clients that meet their investment needs.”

In December 2013, Pioneer Group and Sberbank CIB signed a long-term strategic partnership 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, organise deals on capital and debt markets, as well as cooperate on financing3 for Pioneer Group’s activities, banking services and cooperation as part of marketing initiatives.