Sberbank lending $239.5m for de luxe real estate project

By Andrei Skvarsky.

Sberbank, Russia’s largest bank, has signed a deal with a developer to open a 7.5bn-ruble ($239.5m) five-year credit line for building a de luxe residential compound in Moscow.

The loan was arranged for Moscow-based development company Restavracia N by Sberbank CIB, the lender’s investment arm.

A total of more than 14bn rubles ($447m) is to be spent on building Knightsbridge Private Park, a three-hectare complex in the quiet historic Khamovniki area, according to a statement from Sberbank CIB.

The compound would consist of four low-rise mansions, a kindergarten, a wellness centre with a swimming pool, a shop, a café, and a park with children’s playgrounds and recreation areas for residents and their guests that would take up two-thirds of the complex.

Restavracia N, set up in 1993, specialises in building elite residential properties in Khamovniki.

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