Sberbank of Russia : to finance Granelle GC by providing RUB3 bln for construction of housing estate in Moscow Region

Sberbank has granted a line of credit worth over RUB3 bln to Granelle GC, which is set to construct Reut, a comfort-class housing estate. The lending term is 57 months, with the funds being provided using escrow arrangements.

Vladimir Sitnov, Senior Vice President, Sberbank:

'We have been working with Granelle GC successfully since 2012 and have already financed the company's projects worth about RUB21 bln. Thanks to our long-term and reliable partnership, thousands of square meters of modern and comfortable housing are being built. Under the new deal, we've provided the company with project finance overshooting RUB3 bln for the construction of a modern housing estate in the city of Reutov, Moscow Region.'

Dmitry Adushev, Vice President for economics and finance, Granelle GC:

'In the new realities of the real estate market, the use of project finance in the construction of housing estates is mandatory. However, you must always choose the right partner. For Granelle GC, working with Sberbank always means the most optimal terms that will allow the company to implement a project successfully.'

The Reut housing estate is being built three kilometers away from the Moscow Ring Road in a microdistrict of the city of Reutov with a well-developed infrastructure. The estate consists of three cast-in-place concrete residential buildings of different height (from 18 to 25 floors), each designed individually and located over 1.5 hectares. The housing estate is scheduled to have an underground parking lot while the ground floors of the residential buildings are set to have all the infrastructure you'd need: a kindergarten for 93 children, a supermarket, beauty parlors, cafes, and other must-have commercial infrastructure.

Great transport accessibility enhances the attractiveness of the project further. The metro station Novokosino is a 20-minute walk from the Reut housing estate while in 10 minutes you can reach the railway station Nikolskoye, from where you can get to the Kursk railway station in 30 minutes. Kindergartens, schools, clinics, the Olympus soccer stadium, shops, bank branches, etc. are within walking distance of the property. The Kuskovo estate is a 15-minute car drive from it.