Sberbank CIB1 has signed an agreement with INTECO Group on the financing of construction of the 146,000 sq. m “Liner – Zapad” Multifunctional Complex in the Khodynskoe Polye neighbourhood. This line of credit totals RUB 6.8 bln. The agreement was signed for a period of 4.5 years.
On behalf of Sberbank CIB this deal was structured by the Real Estate Finance Division and Sberbank Merchant Banking, Sberbank CIB’s merchant banking department. A separate agreement on the financing of the “Liner – Vostok” Multifunctional Complex was signed in March of 2014, also worth RUB 6.8 bln.
“Liner” is a multifunctional complex with apartments that is currently being constructed in Moscow’s Khodynskoe Polye neighbourhood. It consists of two parts (“Liner – Zapad” and “Liner – Vostok”), which are located on 5.37 ha and 3.95 ha plots, respectively. As of now both parts of the complex have undergone an expert review and construction of “Liner – Vostok” has already begun. Construction of “Liner – Zapad” is scheduled to begin in the first half of 2014. A city park will be created on the grounds between “Grand Park” Residential Complex and “Liner”. The park will have an area of approximately 40 ha and its concept will be decided by a competition currently being held by INTECO Group and the Moscow City Architecture Committee.
INTECO Group is one of the leading Russian developers and a recognised urban planning expert. The company’s investment portfolio includes over 2.6 mln m2 of real estate of various purposes and complexity in Moscow and Russian regions. INTECO Group performs a full cycle of work at the highest possible level, from creation of concepts, architectural designing and commissioning of properties to selling and operating real estate. The company’s priorities include raising the Russian construction industry to a new level and implementing projects for comprehensive development of areas in order to construct mass housing facilities in various regions throughout Russia.
The line of credit was opened as part of a strategic cooperation agreement signed in December 2013 by INTECO Group and Sberbank CIB, under which the two companies will develop relations in the field of financing the construction of the developer’s new projects. In particular, this includes the “Liner” multifunctional complex with apartments on Sadovnicheskaya Street. Total investment in these projects will exceed RUB 20 bln.