Sberbank CIB, the investment arm {{{*}}} of Russia’s biggest lender Sberbank, has pledged to provide a 10-year credit line of 1.9bn rubles ($62m) to Russian developer RAMO-M for two projects in Krasnodar in southern Russia.
The loan deal was announced at this week’s MIPIM international real estate show in Cannes, France, where Sberbank CIB has sent a delegation.
The money would go into the construction of a four-star hotel of the Four Points by Sheraton brand of the US-based Starwood Hotels & Resorts company and a unit of what is planned to be southern Russia’s largest exhibition centre, according to a statement from Sberbank.
The hotel would have a total floor space of 12,000 square metres, and the exhibition centre unit would be a 40,000-square-metre facility.
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