Sberbank and Lenrusstroy Group have signed a residential housing construction deal which will see the bank finance the construction of a new apartment building that'll be part of the New Gorelovo housing estate in Leningrad Region, Russia. The lending term is 36 months.
Vladimir Sitnov, Senior Vice President, Sberbank:
'This is not the first deal between Sberbank and Lenrusstroy Group. Taking into account the RUB2.3 bln financing of the new project, the total portfolio of the group at Sberbank is RUB6.7 bln. It is important to mention that in the new deal, Sberbank also acts as a mediator providing the government's economic support measures as the financing is part of the concessional lending program run by the Ministry of Economic Development. We are pleased to continue our fruitful partnership with Lenrusstroy and we hope that together we will be able to implement more than one residential real estate project down the road.'
The New Gorelovo housing estate is a big and new residential neighborhood on the southern border between St. Petersburg and Leningrad Region. It's being constructed through escrow-assisted project finance provided by Sberbank. The total floor area of the project is 446,000 m2. The building has an outdoor parking lot with a kindergarten and a school nearby. Also, Lenrusstroy Group has seen to the construction of a fire depot that'll be servicing the new quarter.
Sberbank of Russia published this content on 23 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2020 13:04:00 UTC